The Valuation and Property Services Department (JPPH) has proposed to form a committee to monitor house prices.
National Property Information Centre (Napic) deputy director of property inventory division Khalid Abdul Mutalib said a proposal has already been submitted to the Finance Ministry about two weeks ago.
He said JPPH, which has been proposed to be part of the committee, will conduct checks on new housing projects and provide advice on whether the projects are overpriced or not, before approvals are given by the National Housing Department (JPN).
“For instance, when a developer wants to sell property at RM1 million, they will submit their plans to JPN. JPN has data but don’t have the manpower to check, thus they will just accept the price. We have manpower and we can check the price, based on market value and advise the committee,” he told reporters at the sidelines of the Housing Conference 2018 today.
Media Title: The Sun
Date: 10 Oct 2018