Greater than 70,000 property homeowners right here have defaulted on their parcel lease funds, with arrears totalling some RM12.5mil since 2019.
The Penang Land and Mines Workplace (PTG) lately revealed that these householders danger shedding their strata parcels resulting from unpaid arrears as of June 1.
PTG director Dr Faizal Kamarudin mentioned the best variety of defaulters is within the northeast district with 32,000 affected accounts.
Underneath the Strata Titles Act 1985, properties could also be forfeited if arrears should not settled inside three months of receiving a authorized discover.
The parcel lease, billed yearly, was launched in 2019 to exchange the uniform give up lease system for stratified titles resembling condominiums, flats and flats.
It’s separate from evaluation tax and upkeep charges paid to the Joint Administration Physique or Administration Company.
Property agent Joyce Lee mentioned many property homeowners, notably first-time homebuyers, are unaware of parcel lease.
She defined that in contrast to utility payments and upkeep charges, parcel lease doesn’t carry rapid penalties resembling service disconnection, making it simpler for householders to miss.
“The quantities are comparatively small, and since they aren’t bundled with the month-to-month administration charges, they usually go unnoticed.
“The fragmented nature of the cost system, the place every tax or utility requires logging in via completely different portals with no auto-debit perform or centralised reminders, makes it much more inconvenient,” she added.
In addition to a lack of information, Lee believes different contributing elements embrace rising dwelling prices and inflation, which have led some homeowners to prioritise extra pressing funds.
“There’s a standard perception that they’ll merely pay it later, particularly when promoting the property.
“Some sub-sale homeowners might not even realise that parcel lease remains to be below the earlier proprietor’s identify, including to the confusion and non-compliance,” she mentioned.
Lee added that extra public training is required, particularly focusing on new householders, together with doable incentives, early cost reductions or stricter penalties to encourage higher compliance.
Property valuer Mohd Fitri Hashim, 42, mentioned parcel lease arrears may accumulate considerably if left unpaid.
“Parcel lease is calculated based mostly on the dimensions of the person strata unit.
“For instance, the parcel lease for a typical low-cost flat can be under RM30, whereas a regular condominium unit of about 1,000sq ft would want to pay round RM50,” he mentioned.
Mohd Fitri added that for luxurious condominium homeowners who pay about RM400 yearly in evaluation tax, their parcel lease can be lower than RM100.
“For instance, at Rifle Vary Flats in Air Itam with over 3,000 items within the 9 blocks, every unit of about 400sq ft measurement has to pay about RM25 in parcel lease yearly,” he mentioned.
On the close by All Seasons Place, the 850sq ft condominium’s yearly parcel lease involves about RM24.
As compared, the give up lease for a 1,523sq ft landed property in Teluk Kumbar on the southern tip of the island is RM42 yearly.
Supply: TheStar.com.my
