KUALA LUMPUR (Feb 20): The Malaysian government is seeking feedback for the proposed enactment of the Residential Tenancy Act through a one-month public consultation undertaken by the Ministry of Housing and Local Government.
According to updates on the Malaysia Productivity Corp's (MPC) website, the consultation, which began in January 28, 2022, is expected to be concluded on Feb 28, 2022.
"The aim of the consultation is to get feedback and views from interested parties and [Malaysian] citizens on the proposed enactment of the Residential Tenancy Act.
"Among the main objectives of the proposed Residential Tenancy Act are to prepare legal provisions, specifically to protect homeowners' and tenants' rights, prepare a uniform template for residential tenancy agreements, create a dispute-resolution institution, specifically, to resolve disputes between parties involved in residential-tenancy transactions," the updates said.
The MPC updates said affected stakeholders of the planned Residential Tenancy Act include homeowners, tenants, lawyers and property developers.
A source from the Ministry of Housing and Local Government told The Edge that the proposed enactment of the Residential Tenancy Act is still in the early stages.
"Based on the collective feedback from the study, the ministry will propose the necessary actions related to the Act," the source said.
Looking back, Malaysia's planned Residential Tenancy Act has garnered substantial attention from real estate sector enthusiasts, based on news coverage on the subject since 2020.
It was reported that the Ministry of Housing and Local Government was scheduled to table the planned Residential Tenancy Act in parliament within the first quarter of 2022.
According to news reports, the proposed Residential Tenancy Act is a milestone for Malaysia, which until now does not have specific laws governing landlords and tenants.