Bill imposing limits on apartment maintenance fees passes in Parliament

The first 5 articles of the "Bill on Amendments to the Land Registry Law and Certain Laws and Decree-Law No. 375," which also includes regulations regarding apartment complex maintenance fees, have been accepted in the Grand National Assembly of Turkey (TBMM) General Assembly.

The General Assembly convened under the chairmanship of Deputy Speaker of Parliament Bekir Bozdağ. Following the completion of off-agenda speeches, brief evaluations by deputies, and statements by group deputy chairmen, motions submitted by political party groups were discussed. After this process, the articles of the bill were addressed, and the first 5 articles were accepted.

CHANGES TO FINANCIAL REGULATIONS

Within the scope of the accepted articles, regulations concerning the Capital Markets Board (SPK) and the Banking Regulation and Supervision Agency (BDDK) were enacted. Accordingly, it will be mandatory for valuation reports prepared by institutions authorized by the SPK to be transmitted electronically and free of charge to the General Directorate of Land Registry and Cadastre by the relevant public institutions, banks, and financial institutions from the date they are issued.

TAX EXEMPTION FOR SOCIAL HOUSING PROJECTS

According to the regulation, social housing projects to be carried out by the Housing Development Administration (TOKİ) until December 31, 2027, and construction works related to these projects will be exempt from stamp duty. Tender decisions and signed contracts will also be evaluated within this scope. The President will have the authority to extend the specified period by 3 years.

NEW FRAMEWORK FOR DETERMINING MAINTENANCE FEES

With the amendment made to the Condominium Law, new rules have been introduced regarding the process of determining maintenance fees in apartment complexes. Accordingly, the operating project and the amount of advance payment to be collected will be subject to the approval of the board of flat owners. In cases where there is no operating project, the manager will prepare a temporary plan within 3 months at the latest. The increase rate in this plan cannot exceed the revaluation rate of the previous year. The prepared temporary plans will be notified to the flat owners in writing and will be decided upon in the general assembly within 3 months.

QUALIFIED MAJORITY FOR MANAGEMENT PLAN AMENDMENTS

With the amendment made to the law, the conditions regarding the modification of the management plan have also been reorganized. Accordingly, no changes can be made to the management plan without the vote of at least two-thirds of the total number of independent units represented by the members of the collective structure representative board. The same majority will be required for the amendment of temporary management provisions. Provisions contrary to this regulation will not be applied.

GENERAL ASSEMBLY SESSION ENDED

Following the discussions, Deputy Speaker of Parliament Bekir Bozdağ adjourned the session to reconvene on Thursday, April 30.

News Source: 12punto