PROPERTY developers will be held responsible and accountable for residential developments they undertake, under new legislation to be introduced to the Assembly.
The ACT government says it will be Australia’s first licensing and regulation scheme for property developers and aims to tackle the problems of defects and compliance failures in residential property developments that appear before, during and after construction.
The government claims that “dodgy development” choices by big businesses are estimated to have cost Canberrans more than $50 million each year and that this change in law will add property developers to the chain of accountability for building quality and safety.
The government will establish a Property Developer Registrar which will have powers to be able to take regulatory action against errant developers. It will compel them to fix problems and face fines or suspend or revoke their licence if they don’t rectify works accordingly.
Building and Construction Minister Rebecca Vassarotti said: “I would like to express my gratitude to the community and CFMEU for their dedicated advocacy on this crucial matter.”
The Developer Licensing Bill is expected to be debated in the first half of 2024, with a transition period to follow before the licences will be required.
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