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Electrical certification is a more complex subject. Most existing installations don't pass current standards but are not dangerous. If you wanted to increase GDP you could insist that all installations need to meet current standards, then you would probably need to train 1 in 5 of the population to be electricians!
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Just had a look at the documents regarding this and it seems that the lease allows them to change the rules and regulations and the requirement is very clearly listed in the rules and regulations. So it looks like you need to do it.
I wouldn't worry too much about the electrical stuff coming next though.
I'd query what right they have in law to impose that requirement.