President Solih gives ratification to Strata Act

President Ibrahim Mohamed Solih, on Monday, has given ratification to the Strata Act (Law no. 33/2021).

The bill pertaining to the Act was passed by the Parliament in its 44th sitting of the third session, held on November 29.

Strata Act facilitates the subdivision of land into strata and the collective sale of property, to provide for proper maintenance and management of buildings and to give opportunities for the developers to develop real estate businesses.

It governs the authorization of strata plans and strata schemes and the use, ownership, sale, lease, and maintenance of units – and also outlines the rights and responsibilities of subsidiary proprietors, management corporations and local councils.

The ratification of this Act repeals Land Act’s Section 19 and Section 31 through 36, which contains provisions on Strata buildings.

Although the Act has now been published in the government gazette – it will only come to effect three months from today.