STAKEHOLDER consultations to streamline the amendment of the Condominium (Regulation and Miscellaneous Provisions) Act is slated to begin by the first week of June, 2021.
Minister of Housing and Water, Collin Croal, made this announcement during an update of housing projects, on Friday. Minister Croal stated that the Attorney General’s Chambers is in the process of completing the draft amendment.

“The first draft we’re expecting by the new week and then it goes through the consultative process with our key stakeholders, for example, the banks, insurance companies and other relevant institutions who will have to give their input,” Minister Croal said.

Feedback garnered from the stakeholder forum will play an integral role in development of the legislation. The minister anticipates that by September, the draft will be presented to the Parliament for consideration.

The amendment will pave the way for owners of condominiums and duplexes to access titles for their land. Additionally, commercial banks would also be able to accept the properties as collateral and offer loans to the homeowners for expansion and insurance companies will also be allowed to issue policies for protection.

Currently, the Act caters for the regulation and division of properties into parts that are to be owned individually and parts that are to be owned in common, and to make provision for the use and management of such properties, and to make provision for the assignment of certain properties owned by the government.