According to purposes stated in the bill, the Real Estate Services Bill was supposed “to regulate real estate services”, “stabilize and develop the real estate market”, and “promote cooperation between foreign and domestic groups and the private sector”.
The central supervisory committee for real estate services composed of a Union Minister, Director from Department of Urban and Housing Development, officials from respective governmental departments and Development Committees, and representatives from real estate services associations will become a regulatory body for real estate services, devising policies, issuing licenses and generally regulating the industry.
Moreover, the central committee would form region/state level committees with the region/state minister or Nay Pyi Taw council member, director from General Administration Department, directors from respective departments and Development Committees, and representatives from real estate services associations will provide trainings to brokers, issue licenses, collect information on real estate dealings and report back to the central committees.
Service providers must hold a temporary license or license, and require Myanmar Investment Commission permit for joint operations with international partners. Want-to-be service providers are expected to register the business within one year, apply three-year temporary license, and apply license after attending the course. There is a penalty of 6-month imprisonment and/or 3 million MMK fine for working without temporary license or license.
The central committee can set up real estate services fund with government grant, donation, and registration fee, license fee and other incomes.