The government of Cambodia has formed since October last year a Inter-ministerial to take control on the real estate development business, assisted from Ministry of Economy and Finance and Ministry of Land Management.
This goverment group will make and execute the laws and will ensure that the real estate developers in Cambodia must have Housing Development License,Compulsory Insurance for Construction Site and before starting their construction projects, they must deposit 2% of the total invesment capital to the deposit account of Ministry of Economy and Finance at National Bank of Cambodia. They could get it back when their construction project finish.
As well, the real estate developers must have the bank account with any commercial banks in Cambodia and are required to advise to their housing buyers to deposit the money directly to that account.
Recently, the housing development in Cambodia has grown noticeably although many real estate developers have no license and the inspection's quality of construction project has not done well.
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Mr. Abhishek Sharma, owner of flats 1503, 1504 in Gunani Building, Sector-16, Palm Beach, Navi Mumbai had rented out his property to Mr. Kenneth Haywood, an American citizen. However, despite the orders given by Navi Mumbai police about registering sale, lease or any other dealing of property with the nearby police station, the police have claimed that Mr. Sharma had not registered his lease agreement with Mr. Haywod. "Following increasing terrorist activities all over the country, the Navi Mumbai police had issued an order to builders and developers which states that the owner of the flat or property should inform the nearest police station about the tenant’s name, address and other details," ,” stated a police officer on condition of anonymity. If someone disobeys the order, he/she stands to be punished under Section 188 of Indian Penal Code. The order states that "if such disobedience causes obstruction, annoyance or injury, or risk of obstruction, to any person lawfully employed, the defaulter will be punished with simple imprisonment for a term which may extend to one month or with fine which may extend to Rs 200, or both."For more view- realtydigest.blogspot.com
thanks for the share this informative and interesting article with us
property dealer
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