LEGISLATION WATCH- Gov’t wants to subject real estate payment plans to FRA oversight: Installment-based payment plans for real estate could soon be regualted by the Financial Regulatory Authority (FRA) under a legislative change now being mulled by the Madbouly government, unnamed government sources told the domestic press. The report suggests that officials believe real estate companies are under-reporting sales. Don’t expect the move to be popular with the industry.

Background: The parliament has been working out a new law that would regulate the real estate industry by clamping down on wildcat developers, creating a state-sponsored federation for home builders, and setting up a fund to hedge against sector-related risks. Real estate developers have previously voiced objections to any provision that would impose fines and prison terms for developers who miss delivery deadlines.

Tags: