Latest KOSPI Sinks 3.73% as Foreign and Institutional Investors Dump 1.54 Trillion Won of Korean Shares
Government Policies

Urban Renewal Act Challenged as Umno Calls for MAJOR Overhaul

Umno demands Urban Renewal Act deferment for major review,

PETALING JAYA – Umno has called for the proposed Urban Renewal Act (URA) to be deferred from the upcoming Dewan Rakyat meeting pending a comprehensive review. Party secretary-general Dr Asyraf Wajdi Dusuki said the decision was reached during the supreme council meeting on Oct 3, which coincided with the URA Convention Resolution earlier that day.

The convention, attended by party leaders, NGOs, academics, developers and community representatives, debated concerns that the current Bill could erode individual property rights by granting developers excessive powers to force home sales and evict dissenting owners.

Urban Renewal Act Challenged

“In line with the resolutions of the convention, Umno takes a firm stand that the URA should be postponed until an extensive review reflecting stakeholders’ views is undertaken,” said Asyraf in a statement.

Housing and Local Government Minister Nga Kor Ming tabled the Bill for its first reading on Aug 21. Originally scheduled for a second reading on Aug 28, it was postponed to Oct 6. The Bill seeks to facilitate redevelopment of dilapidated and run-down housing areas.

Umno vice-president Johari Abdul Ghani has been tasked to lead negotiations and ensure restructuring of the Bill safeguards Malaysians’ interests.

Business News

News Malaysia and Global

Read More News on Latest Malaysia

Read More News on Business News Malaysia

Read More News on SG Business News

Read More News on World Future TV

Read More News #latestmalaysia

Leave a Reply

Related stories