New Condo Act a boost for property sector and communities
IN May of this year, the House of Representatives passed House Bill 10173, or the Condo minium Redevelopment Act, which amended the nearly 60-year-old Condo minium Act, Republic Act 4726. As of now, the proposed law has not advanced toward its final passage in the Senate, but it should, as it will not only boost investment in the property sector, it will have a significantly positive impact on the safety and sustainability of communities.
Primarily, the bill provides an updated set of rules governing the maintenance, repair, reconstruction, or redevelopment of existing condominium projects. One key provision loosens the rules on entry to owners' properties and would permit developers or their agents, i.e., property managers, to enter units without waiting for the unit owners' authorization during emergency situations where there is danger to life or property.
Condo Act Boost For Property Sector And Communities
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