by BERNAMA / pic by MUHD AMIN NAHARUL
KUALA LUMPUR – The government has set up the Strata Ownership Special Fund to resolve the ownership issue of old stratified buildings known as special building schemes in Peninsular Malaysia.
Energy and Natural Resources Minister Datuk Seri Dr Shamsul Anuar Nasarah said the fund would also assist owners of special buildings particularly from the B40 segment who face complications while applying for strata titles.
The Strata Ownership Special Fund would help buyers of special buildings especially low-cost homes to obtain a strata title, he said in a statement today adding that the settlement of strata title registration would facilitate special building property transactions and inheritance distribution process by the heirs of deceased homeowners.
According to Shamsul Anuar, strata title registration would lead to the establishment of management corporations to better manage these special buildings.
He said special buildings refer to buildings with no Certificate of Completion and Compliance (CCC) / Certificate of Fitness (CF) and were occupied before June 1996 (automatic classification), or from June 1996 until April 11, 2007 (classified by the state authority).
He said failure to apply for strata title for special buildings could be due to the absence of the original homeowners or the developers had been wound up and the housing scheme faces financial problems to apply for the strata titles.
According to the statement, the Land Surveyors Board has contributed RM2 million to the fund becoming its first contributor to resolve strata title rights of four special buildings namely Pangsapuri Shangri-La, Taman Seri Cheras, Selangor; Taman Indah Fasa 1, Penang; Pangsapuri Taman Tap, Teluk Intan, Perak; and Taman Permai Ria Blok 24 & 26 in Kuala Lumpur.
Shamsul Anuar said he hoped that the contribution would spur other corporate bodies to do the same to help owners of low-cost homes to obtain a strata title, adding that the fund could also accept contributions from individuals, private companies, institutions as well as local and foreign entities, besides government’s allocations.
He said contributors are eligible for a tax deduction under subsection 44(6) of the Income Tax Act 1967.