President of Maldives Ibrahim Mohamed Solih on Monday, 20 December 2021, ratified the Maldives Strata Act (Law No. 33/2021).
The bill was passed by Maldives parliament at its 44th sitting of the third session held back in 29 November 2021.
Moreover, the bill was passed to provide legal parameters for the development land subdivisions into strata.
In addition to this, the bill which now has become ratified into an act, will provide legal grounds on matters concerned with proper maintenance and management of buildings as well as facilitate developers to develop real estate properties.
Furthermore, the bill governs the authorization of strata plans and schemes and the use, ownership, sale, lease as well as maintenance of units.
The act also provides overview of rights and responsibilities of subsidiary properties, management corporations as well as council authorities.
Following the ratification of the Strata Act, Sections 19, 31 through 36 of the Maldives Land Act (Law No. 1/2002) have been repealed.
In its basic explanation, strata titles are a form of ownership for multi-level apartment blocks and horizontal subdivisions with shared land areas while the word “strata” refers to the apartments on different levels.