Do not be misled by bogus developers - CMA Chairman

By Nilma DOLE

[email protected]

"Apartment buyers should be careful when entering into agreements with bogus condominium property developers" said the Chairman of the Condominium Management Authority (CMA), Abdul Kalam.

The chairman said that in the recent past, people were very cautious when buying property because they would pay their lawyers heavily to check on the authencity of the land title deeds and even go to the extent of bargaining for a good price. "However, today, potential buyers enter into an agreement with these condominium property developers by paying an advance for the property that they have never seen before and this has drastic consequences" he said. Marking property with a boundary is significant to claim it but apartment buyers find it difficult because they don't have a deed to own the land where the condominium stands.

Before a condominium is built, one has to get the building plan and condominium development plan approved and the CMA also has its regulations."Even though our assessment scheme isn't mandatory, the CMA guidelines certify the condominium development and those entering into the agreement with the property developer need not worry" said the Chairman. He said many reliable property developers use the CMA certificate to market their apartments better.

The importance of dealing in legitimate condominium property is emphasised in section 14 of the Apartment Ownership Act No. 39 which compels the owner of a land, upon which there is a completed building capable of being subdivided, to register the property as a subdivided property if they enter into a transaction to sell any part of the building as a subdivided unit.

"The Condominium Management Act set up in 2004 also stipulates regulations to condominiums in the areas of control, management, maintenance and administration of the condominium property, semi condominium property and provisional condominium property" said the CMA Chairman.