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Yangon City Development Committee (YCDC) has eased fine amount for unlawful buildings and high-rise buildings exceeding the height limit. The YCDO reduced the amount by 70 percent.
In 2014, regional government took a series of actions on unlawful buildings such as those build without a permit. The owners would have to pay large fine, or in the case of a building exceeding the city hight limit, they would be required to demolish the section of the building that exceeded the limit. This caused construction halt in various areas. Now the intention is to encouraging those halted projects to continue, so the regional government has decided to lower the fine amount.
‘‘Even in Mayangone Township, for example, there are around 450 buildings fined for exceeding the height limits and constructing without permission,’’ U Yan Shin, Member of Regional Parliament from No.1 constituency of Mayangone, Yangon, said.
Reducing the fine is part of an effort to jumpstart the slow real estate market, helping it to rebound. It is expected to encourage developers to finish their projects, which will add more supply to the real estate market, U Yan Shin added.
The amount of fine is calculated based on size and investment of each building.
There are nearly 2,000 buildings being fined by YCDC in the Yangon Region. Accepting fines and granting construction permits are handled by YCDC’s Engineering Department Buildings Division.
Source : Myanmar Business Today
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