KUALA LUMPUR, Feb 27 (Bernama) -- The government is to implement the build-and-sell concept by 2015 to stem the abandoning of housing projects, according to the 2012 annual report of the Special Task Force to Facilitate Business (PEMUDAH).
The report, which was issued today, said the concept would be implemented through the financing of houses based on Syariah to buyers.
The government also imposed tighter laws through an amendment to the Housing Development Act (Control and Licensing) 1966 (Act 118), it said.
Among others, the deposit was increased from RM200,000 to three per cent of the cost of physical development including professional fees for the Housing Development Account and imposed a maximum penalty of RM50,000 from RM20,000 previously for offences under any provision of Act 118.
The amendment, passed by Parliament, also gave buyers more rights on matters of house-buying, including the choice to cancel the sale-and-purchase agreement if there is no progress at the site six months after the date of agreement.