Ineffective Land Speculator Regulation Needs Massive Revisions

The government plans to manage the land speculators through regulation. The Agrarian and Spatial Planning Minister, Sofyan Djalil, revealed that his side is drafting a new law (RUU) that will prevent the land speculators from controlling the land price. There will be one particular provision in the land regulation that will limit the land speculators’ movements. The draft is the response of the price hike caused by the land speculators. They buy many lands with no particular reason only to multiply the selling price. The details of the draft will be ready at the end of September.

To prevent the speculators from hiking the land price, the government will increase the tax for unused lands. Sofyan said that the high tax for unused land was useful for neutralizing the land sales with no added value.