In principle, we strongly oppose the government's intervention in what should have been a private agreement between two parties. he landlord.
The second concern is the security deposit placement with a government agency.
Tong said that such placements will open up the possibility of delays such as refunds and claims for damages due to the additional layers of bureaucracy.
"Additionally, KPKT's intention to utilise the interest earned from the deposits to fund the administration of the RTA including to defray the costs of managing the proposed Tenant Landlord Database is misguided, as the cost should only be defrayed from taxes collected through the nation's taxation system," he said.
According to Tong, interest earned on deposits should rightfully remain the depositor's property.
The third point of concern is the amount of security and utility deposits that the tenant must pay.
Tong said that the draft RTA proposes a security deposit of two months' rent and a utility deposit of one month's rent.
The fourth point of concern is rent control. Tong said that Rehda is strongly opposed to any form of rent control, including the proposed restriction to limit the number of rent increases and the magnitude of rent increases.
He said that all rental levels and renewals should be determined solely by market forces.
It is only fair to leave the rental rate to be determined between the landlord and the tenant. .
The last concern is prohibiting the landlord from claiming unexpired term rent.
The proposal to disallow the landlord to claim the rent of unexpired term in the event of breach by the tenant is unjust, Tong said.
Time to get out of property investment. New law by government to go after Tenancy deposit. It is a multi billion $$$ which Housing ministry trying get. This government is doing something that dont belong to their scope.
The proposed Residential Tenancy Act (RTA) by the Ministry of Housing and Local Government (KPKT) will hurt the rental market, according to the Malaysian Real Estate and Housing Developers' Association acting president, Datuk NK Tong.
Tong said some proposals in the Act should be carefully reviewed and reconsidered; otherwise, the impact on the industry could be negative.
New law coming , to control property marketby Housing Minister rental deposit must let the housing minister keep. interest earnto let housing minister use for admin expenses they take over private investors job and earn money from you House rental cannot simply increase. Minister pay can anythime increase. 3 ministers in one ministry also can if tenant no pay rent, cannot deduct from deposit Housing minister issue 3800 interview, no body receive except Housing miniters people They pretend to manage tenant -owner dispute, but earn interest. No strata title problem between developer and owners drags for 30years, still useless housing Minister Zuraida shake leg Proproerty rentalmkt will collapse. Time to stop buying property
Critical turning point imminent...the fall, by good logics, is not sustainable...great for sweeping with this pricing, for three months, easy. Big boys institutions will not want to see capital erosions in their books at 1.20.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....