The NSW Government has released a discussion paper and has
sought feedback and comments regarding proposed reform to the
strata and community scheme laws.
A summary of some of the key discussions points is
below:
We have more than 70,000 strata and community title schemes
worth an estimate of $350 billion in total assets, so it will come
as no surprise that there has been an increasing level of concern
that our laws have not kept pace with change, which has prompted
the release of a discussion paper proposing new law reform.
Some of the key concepts raised in the discussion paper
include:
- Whether the laws should further distinguish between schemes
based on the number of lots in a scheme, the size of a scheme's
budget or the type of construction that forms the scheme, for e.g.:
vertical block of units as opposed to horizontal town house
developments.
