Strata regulations released for comment

Last year the Property Council welcomed the changes made to modernise strata legislation with over 90 changes passed by the NSW Parliament.  The laws have not yet commenced but include the ability for strata schemes to be terminated with approval of 75 per cent of owners and also the introduction of a building defects bond. 

Now consultation drafts of the Strata Schemes Management Regulation 2016 and Strata Schemes Development Regulation 2016 have been released for public comment.

Part 6 of the draft Strata Schemes Development Regulation 2016 support the introduction of the reforms introduced by Part 10 of the Strata Schemes Development Act 2015 which facilitate the collective sale or redevelopment of a freehold strata scheme.

They include details on:

• how the market value of a building and its site is to be determined
• how a returning officer is to be appointed
• the information that must be included in a strata renewal proposal
• the information that must be included in a prescribed form of notice that must be sent to owners when a strata renewal committee is established
• the details of costs and expenses to be deducted from the sale price that must be included in a strata renewal plan which relates to a collective sale of a scheme
• the supporting documents that must be sent to owners with a strata renewal plan.

Part 8 of the draft Strata Schemes Management Regulation 2016 support the introduction of Part 11 of the Strata Scheme Management Act 2015 introducing building inspections and a building bond for building defects.

Comments on the proposed strata regulations are due on 27 May 2016. 

If you would like to contribute to the Property Council’s submission please send your comments to Evelyn Subagio, NSW Policy Advisor at [email protected] by 18 May 2016.

For more information and to access the draft regulations click here.