Source from: New Straits Times, Original Article
The efficiency of the one day land title transfer registration had contributed to the country’s position in the ‘Registering Property’ indicator evaluated by the World Bank’s ‘Doing Business’ report.
The Federal Territories Director of Lands and Mines Office (PPTGWP) said Malaysia is ranked a creditable 33rd out of the 190 economies for 2020 in the report.
“The procedure was introduced by the Department of Director General of Lands and Mines (JKPTG) and implemented by all land offices in Peninsular Malaysia since 2010,” it said in a statement.
Land transfer is one of the transactions under the National Land Code and is a form of land ownership transfer transaction from a registered owner to another party.
The procedure is for a period of one day or 24 hours for registration of a complete transfer application and is eligible for registration under the law.
The Kuala Lumpur PPTGWP represented all the land offices in Malaysia in determining Malaysia’s position in the Registering Property indicator and has managed to maintain the 100 per cent target until now.
“The achievement proves the efficiency and effectiveness of the land transfer registration process as well as facilitating foreign investors to do business in Kuala Lumpur.
“It indirectly contributes to the country’s economic growth and competitiveness in the real estate investment sector,” PPTGWP said.
Other agencies that are also involved in the evaluation are law firms, JKPTG, the Department of Survey and Mapping Malaysia (JUPEM), the Inland Revenue Board of Malaysia (IRB) as well as the Valuation and Property Services Department (JPPH).
The procedure is also implemented for strata ownership in line with the e-land system enforced in the Federal Territory of Kuala Lumpur starting from June 19, 2017. The PPTGWPKL scored 100 per cent for this strata transfer. – Bernama