The ‘Real Estate Business Bill,’ presented by Thoddoo MP Hassan Shiyan, seeks to reform the Maldives’ real estate industry. Highlighting sustainable development, promotion, and accountability, its initial reading in Parliament signals a pivotal advancement for the sector, addressing existing challenges and fostering growth.
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Male, Maldives – In a significant initiative to revolutionise the real estate sector, the Maldives Parliament has initiated the review of the newly drafted ‘Real Estate Business Bill’. Introduced by Thoddoo MP Hassan Shiyan during Wednesday’s session, this comprehensive legislation is poised to address longstanding challenges within the real estate industry, focusing on livelihood and commercial endeavors.
Aimed at establishing a robust framework for sustainable development, promotion, and enhanced accountability within the sector, the Bill mandates all real estate projects, developers, and promoters to register with the Ministry of Housing, Land, and Urban Development. This prerequisite for ministry approval and ongoing project monitoring ensures adherence to planned timelines.
Historical instances of stalled real estate projects and investor losses without recourse underscore the need for this legislation. The ‘Real Estate Business Bill’ introduces several protective measures for buyers, including:
– Mandatory disclosure of project timelines, plans, and relevant information.
– The right for buyers to inspect project sites and monitor work progress.
– Entitlement to compensation for project-related losses.
– Prohibition on advertising projects without Ministry registration.
– Obligations for developers to specify unit delivery dates in agreements and to limit booking fees.
– Assurance of compensation for significant deviations in unit development.
– Requirement for developers to maintain buyer payments in escrow accounts, ensuring financial transparency and project viability.
– Establishment of a complaint submission system regarding projects.
Violations of the Act’s provisions will result in strict penalties, including fines and potential permit revocations, underscoring the government’s dedication to establishing a fair and transparent real estate market. The Ministry of Housing, Land, and Urban Development is empowered to levy fines based on the severity of infractions, further ensuring market integrity.
What Makes The Maldives one of the Most Popular Destination in the World
The Maldives is celebrated globally as a top destination for unparalleled natural beauty, crystal-clear waters, and luxurious resorts. Its status as a premier choice for holidays, all-inclusive packages, and Maldives honeymoons is unrivalled. Offering modern, spacious, and stylish villas along with a wide range of recreational facilities, the Maldives provides an extraordinary escape for families, couples, friends, solo travelers, and honeymooners alike. The introduction of the ‘Real Estate Business Bill’ signifies a pivotal moment for enhancing the Maldives’ appeal by ensuring sustainable and responsible growth in the real estate sector, further solidifying its reputation as a paradise on earth.
