A place to call home: New housing units to be built in Sabah and Sarawak.
PETALING JAYA: Prospective house buyer CW Chong has been saving to buy his own home since a year ago.
However, while he is happy that he can get more discount under Budget 2023’s move to increase the exemption in stamp duty for homes worth between over RM500,000 and RM1mil, he hoped the government would consider extending the period.
This, he said, was because next year was predicted to be another year full of economic challenges.
“Personally, I feel that the stamp duty exemption alone is not enough.
“It is definitely encouraging but then, with my current living expenses and existing financial commitments, it may be too short a time frame to make a concrete decision and will require more calculation and thought,” he said.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced under Budget 2023 that stamp duty exemption for houses worth between over RM500,000 and RM1mil would be increased from 50% to 75%.
The exemption is until Dec 31 next year (2023).
He also said RM460mil had been set aside for building new houses and renovations in rural areas.
About 3,000 new housing units –half of them in Sabah and Sarawak – will be built.
There is also RM367mil for the People’s Housing Projects in urban areas, including new projects in Marang, Terengganu and Arau, Perlis which will benefit 12,400 people.
Over 4,250 housing units will also be built under the Rumah Mesra Rakyat programme.
Welcoming the stamp duty exemption, Fomca president Datuk Dr N. Marimuthu said this would certainly help reduce the people’s burden, especially in the wake of construction price increases and the current inflation rate.
He also lauded the move to build more affordable homes, especially in Sabah and Sarawak, but warned that Fomca would be monitoring the government’s promises.
“We are happy with the announcement but the government must make sure that it implements whatever is announced.
“Fomca will monitor this to make sure that the government fulfils its promises,” he said.
Marimuthu said the affordable homes should also be built in areas with access to transportation, school and convenience stores.
Consumers Association of Penang (CAP) education officer NV Subbarow said only those deserving should be given such affordable homes.
“It’s good to hear about the people’s housing projects but we hope that only those in need can get these homes, especially those living in flood-prone areas.
“Units under Rumah Mesra Rakyat must be given only to those in B40 group,” he added.
On the stamp duty exemption, Subbarow said this would only benefit the rich.
