Real Estate Activities With Own Or Leased Property N E C Companies in Malaysia

REAL ESTATE ACTIVITIES WITH OWN OR LEASED PROPERTY N E C COMPANIES IN MALAYSIA

The real estate activities of N E C companies in Malaysia are governed by the Real Estate and Housing Developers Act (REHDA), which came into effect on 1 January 2012. The act provides for the registration and regulation of housing developers in Malaysia, and sets out the requirements for the sale and marketing of properties.

NEC companies must comply with the provisions of the act, which include obtaining a licence from the Ministry of Housing and Local Government before carrying out any real estate activities. The licence must be renewed every three years.

NEC companies are required to disclose certain information to potential buyers, such as the price of the property, the terms and conditions of the sale, and the developer's track record. A cooling-off period of 14 days is provided for buyers to cancel the purchase if they are not satisfied with the information provided.

NEC companies are also required to submit an annual report to the ministry, detailing their real estate activities for the year. The report must include information on the number of properties sold, the total value of sales, and the number of complaints received.

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