President Muizzu says Real Estate Bill will bring systematic order to the sector

President Dr. Mohamed Muizzu has said that the Real Estate Bill will bring the real estate business into a systematic framework. The government submitted the Real Estate Business Bill to the People's Majlis today, presented by Ahmed Aifan, Member of Parliament for Henveiru North Constituency. Speaking at a press conference at the President’s Office, President Muizzu stated that establishing a transparent system would resolve many problems currently faced by citizens. He said citizens could be protected from losses arising from land disputes and stalled projects due to funding issues. “Many people are suffering pain. They have been cheated. Gardens and houses have been lost. There are those burdened with large loans through deceit. This bill will protect citizens from all such matters. Citizens will also be protected from things like Cap Park and Sealip through this bill. Therefore, the real estate system will be established systematically,” President Muizzu said. The bill proposes the creation of a Property Regulatory Authority as a state department under the relevant ministry, tasked with registering real estate projects and maintaining records of developers and agents. Money from property sales must be deposited into an escrow account at a bank in the Maldives during the development phase. The bill also outlines provisions for Integrated Real Estate Zones, requiring a minimum investment of one billion dollars and a minimum area of 200 hectares, with a maximum lease period of 99 years. The state must receive at least ten percent of the income from leased or sold properties as rent. No activity contrary to Islam will be permitted in such zones, and 25 percent of the developed properties can be owned by nationals of any country.