Economic multipliers pin tightly on IRS developments

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Montchoisyle parc

No, you won’t need a divining rod to buy a home in Mauritius located in the country’s growth areas. Tracking the property projects set under the government’s Integrated Resort Scheme (IRS) just may be enough.

The government launched the IRS in 2002 primarily to attract foreign investors in the island’s property sector. The name of this programme is thus a succinct description of its role as an economic multiplier via funding from overseas.

Under the IRS guidelines, developers or promoters of the scheme shall not only build residential units. They also have to set up high-end commercial facilities and recreational amenities as an enhancement to the residences. The required recreational features that developers could select from are a golf course, marina, and other sports or leisure facilities. They should devote at least 10 per cent of the total investment costs to the leisure and commercial amenities of their IRS project.

An iconic IRS rendition

Mont Choisy Le Parc, the IRS development of 2Futures, exactly fits the bill as an economic multiplier in its north Mauritius area. A multibillion-rupee project, it was initiated in 2015. Its residential component consisted of more than 200 upscale villas, penthouses, and apartments.

An eco-friendly golf course is the main leisure attraction of Mont Choisy Le Parc. The construction cost of this semi-private golf course amounted to almost MUR1billion. Besides its championship links, it also features a clubhouse with a restaurant and a multi-function room. Foreigners eyeing to buy a home in Mauritius will likewise be delighted in the private pools of the residential nodes of this development.

 

The award-winning dwellings of Mont Choisy Le Parc are hot market sellers.

Employment opportunities created

All told, the Mont Choisy Le Parc project generated some 2,000 jobs starting from its construction. Many of these positions became regular employment not only in the golf course and its clubhouse.

The residential neighbourhoods of Mont Choisy Le Parc, in compliance with IRS guidelines, require day-to-day management services. Hence, this needed staffing for such functions as maintenance, gardening, security, solid waste disposal, and household services.

The commercial component of this IRS development—the Mont Choisy Le Mall—has also provided opportunities for local employment. The mall features a range of retail shops and restaurants.

The development of Mont Choisy Le Parc has likewise provided economic tailwinds for the Grand Baie La Croisette.  Located just across east of the Mont Choisy Mall, Le Croisette features more than 100 retail shops and restaurants.

The multiplier effect of IRS developments like Mont Choisy Le Parc is certainly but one element to look at when you buy a home in Mauritius. So, contact a consultant on 2Futures to have a full picture on the best property purchase options available.

Continue Reading:

Build a home or buy a property in Mauritius IRS: which path to choose?

Smart home buying tips as “new normal” rules Mauritius real estate

 

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