President Muizzu Details Real Estate Bill, Says It Will Protect Sovereignty and Islam

The ruling People's National Congress (PNC) has stated that President Dr. Mohamed Muizzu elaborated on the specific articles of the Real Estate Bill submitted by the government to the People’s Majlis, explaining how the sovereignty of the Maldives state and Islam can be protected through legal means. In a press statement, the PNC noted that during a press meeting at the President’s Office, Dr. Muizzu said the real estate sector needs firm regulation, monitoring, and development, and that it is being prioritised as part of the government's efforts to diversify the economy. The President highlighted that people lose plots without building houses or take on heavy loans, leading to financial burdens, and that many real estate projects have been left incomplete, causing harm and deception. He said the bill will establish a system to resolve these issues and define the rights of house builders, landowners, and material purchasers while ensuring transparent financial transactions. The President noted that the bill covers many matters, including projects like Eagle Hills in Rasmalé, addressed in Chapter Eight. He stated a master developer leasing an area would receive it for a maximum of 99 years and must pay the state at least 10 percent of income from selling and leasing goods in that area. A registration fee of four percent of the property value must be paid whenever ownership changes. 'Therefore, with the receipt of premiums and a four percent property registration fee, along with GST, the state will receive foreign currency. This revenue will enable citizens to fulfill important obligations to repay state debt and boost the economy,' President Muizzu said. He highlighted that Clause 77(R) prohibits the import and sale of tobacco and alcohol in real estate zones, while Clause 96 specifies that the Maldives' security services will maintain safety and security, and the master developer is responsible for infrastructure for state institutions. Clauses 97 and 98 mandate priority for local businesses and Maldivian employees. The President emphasized that the bill prohibits activities forbidden by the Constitution and laws of the Maldives, including symbols or practices of religions other than Islam, and gambling or other acts prohibited by Sharia. He added that if prohibited acts are punishable under the Penal Laws, criminal charges can be filed alongside administrative measures.