Draft strata legislation released for consultation

Draft strata legislation released for consultationNew proposed strata legislation was released last week with the release of the draft Strata Schemes Development Bill 2015 and Strata Schemes Management Bill 2015 for public consultation. The Bills include more than 90 proposed reforms. The proposed changes aim to:make it easier for owners corporations to manage issues like pets, parking and by-lawscreate a new democratic process for collective sale and renewal of strata schemessupport the responsible management of schemes with new accountabilities for strata managing agentsestablish a new process to help ensure building defects are addressed early in the life of the buildingenable modern forms of communication (including new options for your strata scheme to keep and issue electronic records, issue email updates and attend meetings ‘virtually’) to allow greater participation in schemes.The Property Council has long advocated that a lower threshold for renewing strata schemes is needed to lift the supply of new housing and office space needed for Sydney’s future growth. We are pleased to see that under the proposed reforms, 75% of owners can agree to end their strata scheme.The new legislation also introduces requirements on developers to lodge a 2% bond for the contracted price of the building, as a form of security to fix any defective work.Comments on the draft legislation are due by Wednesday 12 August 2015. If you would like to contribute to the Property Council’s submission please contact Evelyn Subagio, NSW Policy Advisor, on (02) 9033 1909 or [email protected]. To read our media release click here. For more information provided by Fair Trading click here.