MVR 400m budgeted for 2024 for Fushidhiggaru lagoon housing project
MVR 1.4 billion will be spent in the next three years for development K. Fushidhiggaru lagoon for housing.
MVR 400 million has been budgeted for next year to reclaim land from K. Fushidhiggaru lagoon as pledged by President-elect Dr Mohamed Muizzu under his housing policy.
According to the proposed MVR 49.5 billion budget for 2024, which was sent to the parliament on Tuesday, MVR 1.4 billion will be spent in the next three years for development K. Fushidhiggaru lagoon for housing, one of Muizzu's biggest construction and housing related pledges.
The budgeted expenditure for the project, which is planned to be implemented under the housing ministry, includes:
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MVR 400 million for 2024
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MVR 600 million for 2025
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MVR 350 million for 2026
Muizzu has announced that 1,280 hectares of land will be dredged from Fushidhiggaru lagoon, making it three times bigger than the two phases of Hulhumale combined.
The project includes:
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Fushidhiggaru will be developed more than three metres high to reduce the impacts of climate change
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31,500 housing units will be built
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A yacht marina and cruise terminal will be established
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Two separate islands for guesthouses and tourism will be developed
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A special area for business and sports will be developed
Muizzu has promised to provide housing to 65,000 people by reclaiming land from Fushidhiggaru, as well as Giraavaru and Gulhifalhu lagoons, which are being reclaimed by the incumbent government.
In addition, the budget includes funds for ongoing housing projects. They include:
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MVR 118 million for housing projects
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MVR 286 million for the ongoing 4,000-flat project by the Fahi Dhiriulhun Corporation (FDC)
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