The Launch of Strata Act

On 20 December 2021, the President ratified the Strata Act (Law no. 33/2021), effective in 3 months. 

The Act facilitates the subdivision of land into strata and the collective sale of property, to provide for proper maintenance and management of buildings and to give opportunities for the developers to develop real estate businesses.

It governs the authorization of strata plans and strata schemes and the use, ownership, sale, lease, and maintenance of units.

Furthermore, it outlines the rights and responsibilities of subsidiary proprietors, management corporations and local councils.