Tag: economic reform bills

Preliminary debate begins on proposed strata title law

Parliament began preliminary debate on strata title legislation proposed by the government as part of its 18-bill economic reform package.

Strata title is a form of ownership of apartments devised for multi-level apartment buildings and horizontal subdivisions with shared areas.

Presenting the draft legislation this morning, MP Mohamed Rasheed of the ruling Maldivian Democratic Party (MDP) said that the bill would establish a legal framework to broaden and develop the real estate market in the Maldives.

The bill outlines procedures for transferring ownership of apartment units under a strata registration scheme. Individuals could then mortgage or sell the separate units.

During today’s preliminary debate, both opposition and ruling party MPs spoke in favour of the bill and stressed the pressing need for such a law especially for citizens of Male’.

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Two economic reform bills sent to committee

Two bills of the government’s economic reform package were sent to committee for further review at today’s sitting of parliament.

While the amendments to the Land Act was approved 37-34, the mortgage bill was approved narrowly with 37 votes in favour and 36 against.

The government’s economic reform package includes 18 pieces of legislation, which would introduce direct taxation, excise import duties for most commonly-used items and facilitate ease of doing business.

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