President Ibrahim Mohamed Solih, on Monday, ratified the Strata Act (Law no. 33/2021), which was enacted by the People’s Majlis on November 29.
The Act makes it easier to subdivide land into strata and sell property collectively, as well as to allow for adequate building upkeep and administration and to create chances for developers to grow real estate enterprises.
It oversees the approval of strata plans and strata schemes, as well as the usage, ownership, sale, leasing, and upkeep of units. It also specifies the rights and obligations of subsidiary proprietors, management corporations, and municipal governments.
With the ratification of this Act, Section 19 of the Land Act and Sections 31 through 36 of the Strata Buildings Act were repealed.
The Strata Act takes effect three months after it is ratified and published in the official gazette.
