Yameen, in a letter to Modi, also assured his government will keep the Indian Ocean a "demilitarized zone", official sources said.
"Maldivian President has assured Prime Minister Modi that no country can set up a military base in Maldives and that it will be a demilitarized Indian Ocean," government sources told PTI.
Yameen's letter was handed over to External Affairs Minister Sushma Swaraj by Maldivian foreign secretary Ali Naseer Mohamed, who left yesterday after a two-day visit here.
The new law passed by the 85-member Majlis, will allow foreigners who invest more than USD 1 bn to purchase land within the project site in which at least 70 per cent of the area of the completed project must be reclaimed land.
Earlier, Maldives' Constitution only allowed long-term leasing of land which could be up to 99 years.