Real Estate Bill to allow combining plots into apartment complexes: Minister

Housing and Infrastructure Minister Dr. Abdullah Muthalib has stated that the opportunity to consolidate and develop plots sold through housing schemes into apartment complexes will be provided under the newly drafted Real Estate Bill. The Minister made these remarks while answering public questions at the Ahha Forum, organized by the government. He explained that due to a lack of additional land in the Malé area, establishing a mechanism to utilize existing land effectively is crucial for the development of the real estate sector. The bill will allow plots in Hulhumale to be consolidated and developed as apartment complexes, even if individual ownership has not yet been granted. The Minister also said the bill would resolve the issue of properties remaining unregistered for ten years, which currently forces parties to go through court procedures and prevents banks from receiving necessary security. He stated that the main objective of the bill is to protect the rights of investors and buyers, and to provide solutions to housing issues through private sector participation. The government has submitted the Real Estate Business Bill to the People's Majlis, which includes provisions protecting buyer rights, preventing Israelis from purchasing units, designating an integrated real estate zone, and setting the lease period for a master developer at 99 years.