KUALA LUMPUR (Oct 7): While the Real Estate and Housing Developers’ Association (Rehda) applauds the measure of increased stamp duty exemption to 75% from 50% for residential properties priced RM500,001 to RM1 million for first-time homebuyers, it hopes that the measure can be extended to all homebuyers.

In the press statement, Rehda said the measure will complement the previously announced 100% stamp duty exemption for the memorandum of transfer for houses priced RM500,000 and below until the end of 2025.

“However, we appeal to the government to consider extending the 75% stamp duty exemption to all buyers and not just first-time house buyers, as it will benefit a wider pool of buyers, especially the upgraders,” the organisation noted.

Meanwhile, Rehda also urges the government to continue the engagements and discussions with all industry players, and will still march ahead in the nation-building role of providing quality, affordable homes for the rakyat.

“Given the myriad of issues facing the construction and property industry as outlined in our Budget 2023 memorandum to the government, we had also expected the government to take bigger measures to alleviate some of these concerns, such as the hike in building material prices and labour shortage issues, which are adversely affecting the industry,” it noted.

Nevertheless, Rehda welcomes the government’s generosity to only impose a RM10 stamp duty for transfers made by way of gift between family members, and is expected to provide a positive impact on the housing sector.

“Currently, only transfers between husband and wife are given a full, 100% exemption, while transfers between parent and child are given an exemption of 50%. Future homebuyers will also benefit from the RM3 billion allocation for Syarikat Jaminan Kredit Perumahan Bhd (SJKP) for 12,000 borrowers, which will surely provide some relief to those without a fixed income, such as gig economy workers,” it said.  

Rehda also appreciates the government’s renewed commitment for the lower income group with RM367 million allocation for new Program Perumahan Rakyat (PPR) projects in Terengganu and Perlis, and RM358 million for Program Rumah Mesra Rakyat, as it will benefit more than 16,000 B40 households.

On the other hand, Rehda points out that the measure to increase the allocation to construct and repair houses in rural areas from RM361 million to RM460 million, the increased ceiling rate to build new homes, and the construction of 3,000 new homes including in Sabah and Sarawak, have further proved the government’s dedication to ensure quality living and homes for all Malaysians.

Read also:
Stamp duty remission increases to 75% for properties priced RM500,000 to RM1 mil 
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