Property Development Scheme: Amendments
Further to the announcement made in the 2016/2017 Budget Speech, the Investment Promotion (Property Development Scheme) Regulations 2015 have been amended as follows:
(i) the maximum size limit of 50 arpents has been removed
(ii) the requirement to sell at least 25 percent of residential units to Mauritian buyers has been removed
(iii) the current maximum permissible land size for a villa has been reviewed from half an arpent (approx. 2110 m2) to 1.25 arpent (approx. 5276 m2).
In the light of these amendments, the guidelines and procedures for the development of PDS projects have been changed accordingly.
In 2015, the Property Development Scheme superseded the Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES). To date, 19 PDS project promoters have received their Letter of Approval. Two of these have been issued with their PDS certificates.
PDS projects are sharing the success of existing IRS and RES projects. As at end of the third quarter of 2016, 1,966 residential units have been sold. The top foreign buyers under the IRS and RES schemes are French, South African and British. Moreover, as a confirmation of the increased visibility of Mauritius on the international real estate scene, there is a growing number of buyers from other parts of the world.