THE Ministry of Construction has put concerted efforts to finalise the condominium rules, which will include exact provisions and procedures before the end of December, according to a spokesperson of the ministry’s Department of Urban and Housing Development.
The ministry and relevant organisations have been developing the Condominium Law since 2013. It aims to establish a framework to promote and facilitate foreign investment in the country’s real estate market.
In January this year, the Union parliament enacted the Condominium Law.
The new Condominium Law allows foreign nationals to legally purchase condominiums in the county for the first time.
Under the law, the licensed developer must construct the building on a “collectively owned” land parcel. This is the land owned by persons who have obtained an apartment ownership registration certificate.
The condominium must be constructed on a land mass of at least 20,000 square feet (0.5 acres).