Rights to the land lease of properties can only be sold after ten years of opening and operating the business
According to SunOnline International, only enterprises completely owned by the government are allowed to lease land for tourism-related real estate activity, announced the Tourism Ministry of the Maldives.
The regulation concerning the integrated tourist resort development and management indicated that, in properties leased for the government’s integrated tourism development projects, 50 percent of the land must be set aside for separate villas and rooms under the strata policy.
Aside from the land area set out for rooms and villas under the strata policy, the spare land area can be utilised by tourist resorts and hotel developments under the regulation.
Moreover, the rights to the land lease of such properties can only be sold after ten years of launching and operating the development.
Rights may only be sold after 75 percent of the villas, rooms, or apartments built under the strata policy are completed and proposed to the President by the Tourism Ministry.
A fine of MVR100,000 (USD6,486.79) will be faced by those in violation of the regulation.
Further, integrated tourism establishments that do not hold their quality of services to the standards set out by the Tourism Ministry could also be charged with no more than MVR1 million (USD64,867.89).
The real estate tourism business in the Maldives is expected to flourish if establishments operate under the regulation.
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