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Better protection for apartment owners

NZ Newswire logoNZ Newswire 21/12/2016

The government is going to strengthen legal protection for apartment and townhouse owners.

Building and Construction Minister Nick Smith says there are 145,000 unit titles with a value of more than $50 billion and the number is expected to double by 2040.

"We need better property laws to support the changes in our cities where more people are living and investing in townhouses and apartments," he said.

"An important driver of these reforms is that the scale of unit title developments is increasing - the average complex size currently is only 10 but many new developments have more than 100 units."

Six significant changes are proposed:

* Better disclosure rules at the time of purchase

* Strengthening body corporate governance

* Increasing professionalism of body corporate managers

* Ensuring proper maintenance plans

* Variable compliance requirements relating to complex size

* Improving the accessibility of dispute resolution.

Consultation on the proposed law changes will run to March 3 next year.

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