The government has drafted a Real Estate Bill to strengthen the sustainable development of the real estate sector in the Maldives.
Scheduled for introduction in Parliament today, the bill's presentation was postponed due to the lack of a quorum during the session.
The objectives of the bill include sustainable development of the real estate sector in the Maldives, and fostering a transparent and accountable business environment. The bill outlines policies for the registration of promoters and developers engaged in real estate activities and also delineates safeguards to protect the interests of property buyers of developed properties.
The bill also provides individuals with a vested interest with the right to lodge complaints with the ministry against any party found in violation of the law, which cause harm to others as a consequence.
The bill includes heavy penalties for violations. The bill provides for a fine of between NVR 100,000 and MVR 1 million or 10 percent of the total project value, depending on the gravity of the offense.
