HLURB to tighten rules to stop pre-selling scams—Binay
MANILA, Philippines – Vice President Jejomar Binay on Monday said that the Housing and Land Use Regulatory Board (HLURB) would impose stricter guidelines for real estate developers, brokers and contractors.
Binay said the move was prompted by complaints that developers are not following rules on requisite permits.
“Some developers offer attractive and lower prices and incentives to prospective buyers during the pre-selling stage,” Binay said.
“This is done to ensure a successful marketing strategy while at the same time avoiding paying a premium for the cost of developing and completing the project.”
Binay said that in HLURB Chief Executive Officer Antonio Bernardo’s meeting with Subdivision and Housing Developers Association (SHDA) officers, the official noted that some developers market housing units even without full compliance with certain HLRB requirements.
Presidential Decree (PD) 957, also known as the Subdivision and Condominium Buyer’s Protective Decree, requires project developers, owners, and dealers to obtain a license to sell from HLURB before selling any subdivision lot or condominium unit.
HLURB is an agency tasked with regulating the real estate industry.