A residential property under the SCS may be sold either on the basis of a plan, during the construction phase or when the construction is completed
Where the acquisition of an immovable property is made on the basis of a plan or during the construction phase, the contract shall be governed by the provisions of a “vente à terme” or vente en l’état futur d’achèvement (VEFA)”, as the case may be, in accordance with provisions of articles 1601-1 to 1601-45 of the Code Civil Mauricien.
A sale for future delivery is the contract by which the seller undertakes to deliver the building on its completion, and the buyer undertakes to take delivery of it and to pay the price of it at the date of delivery. The transfer of ownership is achieved by operation of law by the acknowledgement of the completion of the building through an authentic instrument; it is effective retroactively on the day of the sale.
A sale in a future state of completion is the contract by which a seller transfers at once to the buyer his rights in the ground as well as the ownership of the existing structures. The works to come become the property of the buyer as they proceed; the buyer is bound to pay the price of them as the work proceeds.
In accordance with the provisions of Article 1601-30 of the Code Civil, the price of a residential unit when sold under “vente en l’état futur d’achèvement” is payable in installments as the work progresses, as follows:
Upon signing of the deed: 25%
Upon completion of the foundation works: 10%
Upon completion of roofed-in phase: 35%
Upon completion: 25%
Upon availability of premises: 5%
A smart city company or smart city developer shall sell at least 25 per cent of its residential properties to a citizen of Mauritius or member of the Mauritian Diaspora registered under the Mauritian Diaspora Scheme.
The remaining 75 per cent may be sold to non-citizens of Mauritius.
The Grove’s first residential units, built at the heart of the central precinct of Uniciti include apartments, townhouses and villas. They combine (...)
