HDC to allow rent, sale of Hulhumale parking slots

People who purchase slots in parking buildings to be built by the Housing Development Corporation (HDC) in Hulhumale will be able to own them and rent or sell them to others, HDC said on Thursday.

HDC recently announced plans to construct 15 parking buildings that will provide a total of 3,920 car parking slots and 3,426 motorcycle parking slots. This project not only seeks to enhance the city's infrastructure but also offers unique ownership opportunities for residents.

At a recent ceremony on Thursday marking the signing of a memorandum of understanding between the HDC and the Ministry of Transport, HDC Managing Director Ibrahim Fazul Rasheed revealed key details about the project.

According to Fazul, 90% of the parking slots in these buildings will be available for rent through a bidding process, while the remaining 10% will be reserved for visitor parking. This initiative aims to create a sustainable parking solution that can cater to the city's growing population.

One key aspect of the parking building project is the opportunity for individuals to own their parking slots.

Fazul emphasised that buyers will receive a lifetime ownership of their slots, akin to purchasing an apartment. Each owner will have the ability to sell or rent their parking space to others.

“The opportunity to get the parking slot for a buyer is to have it for life. The person will get the plot, and the rules will be sold,” he stated.

The parking buildings will be equipped with modern amenities designed to enhance user experience and accessibility. The project will include parking slots specifically designated for people with disabilities.

The parking buildings will also be powered by solar energy and operated by an automated system.

Surveillance systems will be installed to enhance security, and garage letters will be issued for each parking slot, allowing for vehicle registration and easy management.

While the exact pricing details remain to be finalised, it has been indicated that costs will be within the range of small bank loans, making it financially feasible for many residents to participate in this initiative.

The evaluation of applications for the parking building slots is currently underway, with Fazul announcing that the process is expected to be completed by the end of this month.

Construction work is anticipated to commence in November or December, with the HDC aiming to complete the buildings within one year.