Ministry of Tourism has announced resort development agreements will be terminated if the resort is not opened within a maximum duration of 3 years after the contracted duration.
The tourism ministry had previously provided several time extensions to resort developers who had failed to complete the development of the resort within the contracted duration. However, as per the amendments brought to the lease regulations of the tourism ministry, a contract can now only be extended to a maximum of three years after which the lease document will automatically become void.
The tourism ministry said the duration given for several islands leased for resort development are currently expired. The ministry said it is working on providing a solution for islands where development has been stalled due to financial issues.