Ministry of Housing and Urban Development, on Wednesday, assigned the drafting of land-leasing regulations to local law firm Premier Chambers.
The agreement to draft the bill on the rental of properties was signed between State Minister for Housing Ahmed Nasheed and Premier Chambers’ Senior Associate Dr Mohamed Ibrahim.
According to the Housing Ministry, the bill will be open for commentary from stakeholders and the public following the initial drafting.
Minister of Housing and Urban Development Aminath Athifa previously stated that the purpose of the new bill was not to limit rent rates but rather as a Tenancy Act that regulates procedures related to the leasing of land and protects the rights of both tenants and landowners.
The Tenancy Act will set requirements which leased properties must meet, basic facilities which must be available, and the term for which properties are leased.
The bill will also deal with matters related to rental deposit and rental advance.