Call for new unified housing watchdog
A new all-encompassing regulator should be established to oversee the entirety of the housing sector, a new report from the Government's Housing Agency has recommended.
The Residential Tenancies Board and the Property Services Regulator should be absorbed into the new entity, according to the Housing Agency's 'Sustainable Apartment Living' study.
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The proposed regulator would regulate tenancies, property service providers, approved housing bodies, developers, construction companies, and owners' management companies.
It was compiled by Benchmark Property managing director Paul Mooney, who said that it would provide a "single location for all housing and property issues and a meaningful civic office".
Mooney also criticised the Government for never "recognising the complexity of fractional ownership" in apartment complexes. He said that existing regulation was "designed to confuse and create barriers".
The property surveyor made 14 recommendations in the 104-page report, one of which was to allow apartment owner companies to borrow funds.
Such loans would be used to "fund specific projects" that would improve the building. Mooney also called for periodic inspections of multi-unit developments.
Sunday Indo Business