PUTRAJAYA: The Urban Redevelopment Act is set to be tabled in parliament early next year, says Housing and Local Government Minister Nga Kor Ming.
"If everything goes smoothly, we will present the bill in the first session of the coming year," he said at a press conference today.
On March 8, Nga said that the ministry was in the final stages of drafting Malaysia's first Urban Redevelopment Act.
Once approved by parliament, the Act is expected to create substantial investment opportunities, transforming the city skyline and generating hundreds of billions in gross development value (GDV).
In addition to the Urban Redevelopment Act, the ministry also plans to propose a Residential Tenancy Act.
Furthermore, amendments to four existing laws – the Housing Development Act, Fire Services Act, Local Government Act, and Town and Country Planning Act – are in the pipeline.
"We hope to have everything drafted and amended before the 16th General Election. A total of 82 engagement sessions have been conducted specifically for the Urban Development Act," Nga said.
In March last year, the then Deputy Local Government Development Minister Akmal Nasrullah Mohd Nasir said that the ministry was studying and drafting the bill due to the lack of specific laws addressing issues in the residential tenancy sector.
The proposed bill aims to regulate the relationship between residential owners and tenants, balance their rights and duties, and establish a dispute-resolution institution for residential tenancy transactions.