Urbanco takes over Jaah's The Garden flats
Jaah owes Urbanco MVR 45.3 million in land rent and fines.
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By
Mohamed Muzayyin Nazim
Urbanco will now complete the flats being built under the stalled The Gardens luxury housing project carried out by private developer Jaah.
Urbanco gave Jaah 30 days to complete the The Gardens flats in Hulhumale last month. However, the work has not been completed within the deadline.
Urbanco said in a statement on Monday that the company has decided to work towards completing the project soon as possible, in order to minimise the losses faced by buyers.
Urbanco said:
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Finishing works will be carried out under an agreement with Urbanco, Jaah and the buyer of
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The aim is to complete the project soon without harming the interests of buyers or Jaah
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91% of the project has been completed
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Changing the developer and hiring another company to do the remaining work is not the most appropriate decision at this point
Whether Urbanco will pay for the project's completion or otherwise is not known yet. Jaah owes Urbanco MVR 45.3 million in land rent and fines.
The construction of The Gardens was awarded to Jaah in 2017, which is a subsidiary real estate company owned by Jausa Construction.
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The project was awarded to be completed in two years
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Jaah said the work was delayed due to the Covid and lack of staff and materials
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While work has been suspended, there have been major issues such as non-payment of salaries and withholding of passports of foreign workers
