Condominium Amendment Act for National Assembly by September

− consultations to begin in June

-Min. Croal

Minister of Housing and Water, Hon Collin Croal has said the draft amendment to the Condominium (Regulation and Miscellaneous Provisions) Act is expected to be completed and tabled in the National Assembly by September 2021.

Minister Croal said the Attorney General’s Chambers is in the process of completing the first draft of the proposed amendments, after which consultations will begin with the relevant stakeholders.

“So, we are expecting the first draft by the end of the new week and then it goes through what is the consultative process for stakeholders’ input,” hesaid, during an interview on Friday.

Minister Croal said the consultations will begin in early June. The banks, insurance companies and other lending agencies will participate in the process.

The new amendments to the Act would pave the way for owners of duplexes to finally access titles to their land.  

More importantly, it would allow commercial banks to accept those properties as collateral, insurance companies to issue policies to those homeowners, and allow them to access loans for expansion.

The current Condominium (Regulation and Miscellaneous Provisions) Act caters for the regulation and division of properties into parts that are to be owned individually and parts that are to be owned in common, and to make provision for the use and management of such properties, and to make provision for the assignment of certain properties owned by the Government.

This initiative is one of many that the PPP/C Government would be rolling out this year as it advances plans to revitalise the housing sector.