Speaking during the second reading of the Bill in Parliament, Tuesday, Manepora said the strata lot owners will together agree to these by laws and will elect a management committee to look after the day to day management and maintenance arrangements and ensure the complex is properly insured.
He said each of the lot owners pays a contribution into funds set up for the ongoing maintenance and management of the property, such as the wages for gardeners and security, and general building maintenance as required.
“Strata unit owners all live under the one roof, so it is important that they all live in peace and harmony through abiding by their own by-laws.
“This Bill has a lot merits and certainly will reform real estate business in this country and open up more opportunities for both overseas and local investors as well as individuals,” he said.
The debate of the Bill commences in later date.