Jagdeep proposes state-level HOC to be extended to June next year
The state-level Home Ownership Campaign (HOC), which has been extended to June this year, may be extended by another year.
State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said he would be appealing to the state government to consider extending the campaign again due to the sluggish economy caused by the worsening Covid-19 pandemic.
“I want to propose extending the campaign for the benefit of new home buyers.
“The daily new Covid-19 cases are increasing rapidly, and now that we have officially entered total lockdown nationwide, it is only right that we try to lessen the burden of the people.
“Our HOC is aimed at reducing the burden of new home buyers during this difficult period. It is also for economic generation in the real estate sector.
“It is our responsibility to understand the people’s difficulties in such an unprecedented situation. We must try and ease their burden because this pandemic is just too much to handle at the moment,” Jagdeep told a press conference in Komtar today.
The state-level HOC was introduced as an incentive to new home buyers, which include stamp duty exemption and a discount of at least 10 per cent of the sales price from housing developers in encouraging house ownership among the locals.
Separately, Jagdeep also urged the Ministry of International Trade and Industry (Miti) to give a prompt response regarding the workforce of joint management bodies (JMB), management corporation (MC) and Commissioner of Buildings (CoB) under the local councils.
Ministry of Housing and Local Government had previously identified the property and strata management sector as an essential service.
Source: Buletin Mutiara
Bad state economic policy has caused an over supply of properties (useless properties) in the market over the last decade. I hope the state has learnt its lesson and not try to encourage senseless building and senseless buying, resulting in a huge wastage of resources (both human and capital). Instead, all those human and financial resources used to build speculative properties in the 2010s should be re-allocated to other more productive industries. Then again, if the state can be scammed into believing that some dick is ready to donate 2m doses of vaccine without doing any due diligence, I really have no high hopes (or rather no hope at all)
@hopeless
All boils down to bad planning. I doubt the state gov have gauge the average income level of the population against different property segments before approving developments. End up many high end condo built but nobody afford to buy/stay/rent. Affordable housing also another way of messing up the market.