Indian company awarded $165m project to build 4,000 flats
FDC is already building 4,000 housing units in Hulhumale Phase II under the Gedhoruveriya scheme.
Kalpataru Projects International Limited (KPIL) of India has been awarded a project to build 4,000 flats in the Male region at a cost of USD 165 million (MVR 2.65 billion).
State-run Fahi Dhiriulhun Corporation (FDC), which implements government's housing projects, signed the agreement with KPIL at a ceremony held at the FDC office on Wednesday.
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85% of the finance will be secured by KPIL through a loan backed by a sovereign guarantee
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FDC through the government budget will provide the balance 15%
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The project is divided into two phases
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The first phase includes constructing 2,000 housing units in Hulhumale, with 1,400 three-bedroom units and 600 two-bedroom units
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The units are scheduled to be completed in 37 months or about three years
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The FDC has not disclosed any information about the second phase of the project.
FDC is already building 4,000 housing units in Hulhumale Phase II under the Gedhoruveriya scheme. All the housing units will be completed in 2025, the housing ministry had earlier said.
The 4,000 housing units are being constructed through Indian loans and by two Indian companies.
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India's JMC Projects has been awarded 2,000 units at a cost of USD 137 million
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India's NBCC has been awarded USD 130 million to build the remaining 2,000 units
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These units will be developed as 17 or 18-storey towers
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32 towers to be constructed; each tower will have 128 apartments
These housing units include:
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1,200 two-bedroom apartments; 650 sqft in each apartment
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2,800 three-bedroom apartments; 900 sqft in each apartment
