The condominium bylaw which is currently being drafted will be enacted soon, and it will include the right for the buyers to be connected to banks and purchase with an instalment system, said U Min Htein, director general of the Department of Urban and Housing Development (DUHD) under the Ministry of Construction.
“As it’s a necessity for the current situation, we’re doing our best to draft the bylaw speedily.
“I think the bylaw can be published in a month or two. Due to the nature of the work, it will take about a month and a half,” he said.
The condo bylaw is drafted in a way which is conducive to implementation. In order for the draft to be more thoroughly-designed, discussions are made with related officials. This results in some delays in publishing the draft, U Min Htein explained.
The Condominium Law was first drawn up in 2013, under the previous government. Because of the debates and amendments shutting between the two houses of parliament, the law was only able to be enacted after more than three years of its initial proposal.
Although the law was enacted, the authorities have failed to enact the bylaw within one year. Pyidaungsu Hluttaw instructed that a bylaw should be enacted within 90 days following the enactment of a law. Nevertheless, the condo bylaw couldn’t be enacted even after more than one year since the passage of the law per se.
Construction businesses seldom employ an early purchase system before the construction is completed in the current condominium market, so the market is now rather cold, said U Yan Aung, general manager of Asia Construction. The situation has not changed significantly since the enactment of the Condominium Law.
“Even if the bylaw comes out, it wouldn’t help those in need of a place to stay in the country,” said U Yan Aung.
The bylaw is expected to have a considerable impact on construction projects which prioritise foreign buyers, but it will have little impact on projects which target the domestic market, he continued.
“If the bylaw is focused on foreign buyers, then their ownership rights need to be carefully drawn.
“Otherwise, if the prices are extremely high but there are only a few rights, then the foreigners won’t be interested in the supply,” U Yan Aung said.
Source : Myanmar Times
