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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