Muscat: The Public Services and Utilities Committee of the Shura Council convened with representatives from the Ministry of Housing and Urban Planning to discuss the proposed Real Estate Regulation Draft Law submitted by the government.
The meeting commenced with a presentation on the ministry’s initiatives aimed at enhancing the real estate sector and the obstacles it encounters in Oman.
Subsequently, the committee examined key elements of the proposed legislation, concentrating on its ability to tackle these challenges and improve processes associated with real estate development.
The discussions included the mechanisms and criteria for granting developers ownership of portions of project lands, highlighting the necessity for transparency and fostering an investor-friendly atmosphere.
Additionally, the committee addressed the management of delays or failures in project completion, evaluating provisions related to licensing and penalties to protect the rights of all stakeholders involved.
Committee members inquired about the practicality of forming a specialized committee to oversee real estate projects, especially those that are delayed or stalled.
They also considered the potential establishment of a real estate stock exchange for the listing and trading of shares and indicators within the sector.
A key area of concern was the absence of requirements or incentives for the use of renewable energy and sustainable materials in real estate developments, especially considering the sector's considerable potential in this regard. The committee emphasized the necessity of establishing a green building code applicable to all constructions in Oman, along with the formulation of environmental, urban, and economic planning standards prior to the allocation of residential land.
They pointed out the rapid urban expansion in the Muscat Governorate, which has surged by around 23% recently, resulting in the encroachment of Wadis and other natural habitats.
These discussions are part of a series of meetings and consultations conducted by the committee to meticulously review the Real Estate Regulation Draft Law before its presentation in forthcoming council sessions.
The proposed legislation seeks to foster a transparent and well-regulated framework for real estate transactions, safeguard the interests of investors and consumers, enhance the local real estate market's capabilities, and stimulate investment and construction activities in Oman.
The meeting was led by Dr. Hamoud Ali Al-Yahyaei, Chairman of the Public Services and Utilities Committee, with participation from committee members.
