THE Apartment Law needs to be legislated for the apartment market to flourish, according to real estate dealers.
The apartment market, which has been on the decline, might be righted if the Apartment Law is enacted this year, they say.
There are many cases of disputes concerning title deeds and forgery as there is no particular law related to apartments. Currently, the Condominium Law was approved by the Union parliament, said Daw Win, a real estate agent.
The sharp decline in the apartment market began with the failure of the contract market and the advanced purchase system meaning the apartment market is only for renters. The selling and buying of apartments is on the verge of total failure because of the title deed disputes. The Apartment Law is required for the contract market to work for proprietors, the contractors and the buyers. This law can create the opportunity for mortgages, said some entrepreneurs.
As most of the people cannot afford to make an outright purchase, they are forced to buy on an instalment plan. In that case, they resort to the advanced purchase system, which cannot properly protect buyers. This being so, an apartment law is urgently needed to protect buyers against cheating on the part of the sellers and/or developers, according to realtors.