The bill was submitted by Pabedan township MP U Nay Phu Ba Swe, secretary of the Hluttaw Committee on Transportation, Communication and Construction, on January 29.
“The objective of that bill is to create a systematic framework for an unregulated market and it will include items covering training as well as licences. In addition, the bill will address some gaps in taxes on real estate,” U Nay Phu Ba Swe told The Myanmar Times.
It is hoped that the bill will help bring about a more systematic real estate industry with professional bodies and licences built around it, which will provide more confidence in transactions for both sellers and buyers. At present, due to lack of those measures, issues are common in real estate deals.
“Few people can buy condos and most can only buy a flat. The market for flats is a big one and has the most problems and incidents of fraud, so a framework would make things safer for both buyers and sellers,” he said, adding that the bill was submitted on Wednesday and will now be discussed in both the upper and lower houses.
The bill drafted by Pyidaungsu Hluttaw’s Legal Affairs and Special Cases Assessment Commission and Myanmar Real Estate Development Association includes a provision allowing joint ventures with foreigners in real estate service businesses, the Myanmar Real Estate Development Association Chair U Aung Tun said at a press conference in Nay Pyi Taw.
“But it is still unknown if the provision will remain in the final version of the bill as it is still a proposal. This will be among the things discussed in the Hluttaw, which will take time,” said U Nay Phu Ba Swe.