Fines have also been waived for fishermen, tenants and motorists.
Almost 40 percent of the Maldives population lives on the capital island.
The housing project will have 36 towers, with apartments for 80,000 people.
No information is available about costs, finance sources, time-frame or work schedule.
The government plans to reclaim lagoons near Malé to provide a 1,000-square-foot home for all adult Maldivians.