17 plots sold for ongoing housing projects: HDC

Housing Development Corporation (HDC) has sold 17 plots of land in Hulhumale Second Phase to Fahi Dhiriulhun Corporation (FDC) for the housing projects being undertaken by the company. 

HDC, owning Hulhumale land, said that 17 plots sold for housing in the second phase were sold for construction of 4,000 housing units, which are already underway.

The company said it has sold 17 plots of land as part of the government's efforts to provide social housing under an agreement with HDC, finance ministry and FDC to implement the 4,000 housing units project.

HDC said that as per the procedure laid down for transfer of ownership of the land for carrying out the project, the ownership of the land has been transferred to the Finance Ministry, on January 26.

According to HDC, the second phase was acquired and infrastructure was set up by taking loans for the purpose and the land in Hulhumale will always be fixed for various purposes and for sale. HDC said that it has always been a practice to change the ownership of the land by paying for the land earmarked for the projects and since the land sold to FDC is for social housing purposes, the price of these properties will be relaxed so that the public can benefit from it.

These lands were bought by the finance ministry for around MVR 797 million.

FDC is currently carrying out housing projects in Hulhumale Phase II.