In giving out the warning, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said the initiative was meant to assist first time house buyers in getting their own affordable homes.
He said there were several instances where such incidents had occured and he had instructed the ministry to look into such cases.
"We will take action as we want the owner to live there, and not rent it to others. All of these houses are for first time buyers," he said.
"They will lose (the rights to the houses) and we will blacklist them ... We will not allow it. We will seize the house," he told a press conference after the launching and voting session of Rumawip Platinum Splendor Residence at Setapak here.
Tengku Adnan also reminded house buyers under the initiatives that they were tied with the 10 year-sales moratorium to avoid price speculations.
"There is a moratorium. The houses cannot be sold in 10 years to avoid any speculation," he said.
"I believe there is no house over 800ft² that can be bought with RM300,000. It can reach to RM600 per sq ft in Kuala Lumpur. Therefore, we place the moratorium to avoid speculation," he added.
He said the government had targeted to finish 80,000 units of Rumawip by the year 2020, adding that almost 60,000 units had received development order to be built as of now.
"We have confidence that me might even cross the 80,000 target by 2020," he said.
He added Kuala Lumpur would benefit the most from the initiative, with 50,000 units slated to be built in the city.
Another 25,000 units and 5,000 units would be built in Putrajaya and Labuan respectively, Tengku Adnan added.
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