What is the new law about?
Plaisance City has a special status which is neither Smart city, RES, PDS or IRS simply because the project falls under the new legislation of the Non-Citizen Act passed on December 20, 2016, allowing foreign investors to acquire an apartment on the island of Mauritius in a residence of more than two floors, for a minimum amount of 150 000 Euros.
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments. Thus, there is no restriction for non-citizens who wish to acquire:
– a residential unit developed under the IRS, RES and PDS
– a residential unit developed in a smart city
– an apartment located in a building comprising at least two floors above the ground floor.
Plaisance Estate -Phases of the Project
The first phase of the project remains the apartments. The construction will continue with Plaisance Business Park, a building which will accommodate Oﬀice space and Conference centers. Phase 3 of the project will be the Hotel Residence and finally the First-Class Hotel that will cater for the needs of businessmen.
Faced with the land release of many luxury real estate projects, the CEO is not afraid by a saturation of the market. ‘Real estate remains a value. However, you have to be careful to ensure the quality of the construction, that’s all what we do. There are still great opportunities.’
When is construction scheduled to begin?
To note that more than a hundred owners have bought an apartment in Pleasance Eco-city, in less than six months. Work is scheduled to begin in the 3rd quarter of 2017, and over 10% of the project concretization will be allocated to small contractors. The start of the work has been postponed due to a change of Architect and an increase in standards for the benefit of its residents. Therefore, Mr. ARNALDI remains confident that there will be no re-scheduling.
Stay tuned for more information about Apartments in Mauritius!