State has garnered a revenue of more than MVR 1 billion from rent and lease fees collected from tourism land and plots.
Statistics of Maldives Inland Revenue Authority (MIRA) shows the revenue collected from leasing and renting out land and plots for tourism island and hotel development had reached MVR 1.118 billion. However this is a 3% drop compared to last year's revenue of MVR 1.154 billion.
While the land rent prices have increased, state has leased out several properties for resorts and hotels development during the past three years. With the new amendment brought to tourism regulation act, lands can be acquired without bidding.
Similarly Tourism Ministry has announced 11 different plots for interested parties to acquire for development.
Under the current government 20 new resorts have opened up increasing the bed capacity by 40,000.
