Compass Real Estate > Cambodia Real Estate Information > MEF restricts lot development business owners to apply for permits and licenses by end of April

MEF restricts lot development business owners to apply for permits and licenses by end of April

2020-04-13
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Summary:The Ministry of Economics and Finance (MEF) has called on all owners of a lot of development business to apply for a permit of lot development business and land license of lot development before the end of 30 April this year.

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The Ministry of Economics and Finance (MEF) has called on all owners of a lot of development business to apply for a permit of lot development business and land license of lot development before the end of 30 April this year.

“MEF has mandated all owners of lot development business occupying land under 10,000 square meters to apply for a permit of lot development business at the Municipal-Provincial Department of Economics and Finance. While, all owners of lot development business who own more than 10,000 square meters of land must apply for a license of lot development at MEF,” according to the information letter of the MEF dated on 8 April 2020,

In addition, MEF or the Department will take action on those owners of lot development businesses who do not comply with this call and they will be fined in accordance with Prakas No. 089 SHV.PRK, dated 20 April 2020, on the management of immovable property development business.

By the Prakas above, in Article 44 states that the transmission of lot development business without license or permit or operation before the issue of license or permit must pay a fine of 50,000,000 riels. In case, the misconduct keeps happening, the fine shall be doubled and filed to the court.(This news came from Construction-Property.com) 

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