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Real estate law will protect brokers’ jobs, say Myanmar developers

The Real Estate Service Law will protect the jobs of real estate brokers, according to an official of the Myanmar Real Property Development Association (MRPDA).

U Tin Maung, chair of the association, said the government will ensure that real estate agents will not lose their jobs under the new law, once it is passed.

The bill, which was submitted to the Pyithu Hluttaw (Lower House) in 2018, is still under consideration.

“The right to work as a real estate agent won’t be affected,” said U Tin Maung. “Some of its provisions have been approved but some are still under negotiation in the Pyithu Hluttaw.”

He said that once the law is approved, a central supervisory committee will be set up chaired by a minister with property associations as members.

The MRPDA issued a directive earlier this month requiring all those who offer real estate services to register with the association.

Some local real estate agencies expressed concern about imposing new restrictions on the industry.

“The government has taken steps to protect people from losing their jobs due to the new law,” U Tin Maung said. “We’ll require brokers to register within one year after enactment of the law,” he said. “Then they will have to attend training, regardless of their education.”

The Pyithu Hluttaw will manage the training, which will qualify people as real estate brokers.

He said, “To get a license, they will have to register within one year. Temporary licenses will be issued, which they will be permitted to use for three years. During those three years, they will have to attend the training.”

Many real estate brokers welcome the enactment of the law, saying it would regulate the trade and prevent or minimise real estate fraud.

U Aung Win, a Mandalay-based broker, said he hoped the cost of the training and license fee would not be a heavy burden. – Translated

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Source : The Myanmar Time

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