Housing Development Corporation (HDC) has revealed that 17 land plots in Hulhumale’ were sold to the government to initiate social housing projects.
The government bought land plots spanning 15,000-66,000sqm from HDC for USD56.9 million. The Civil Court ruled that the transaction was valid and the ownership of the land plots has been transferred to the government.
HDC stated that the government plans to develop 4,000 housing units on the land plots. The company further noted that it took loans to reclaim land and develop infrastructure in Hulhumale’ Phase II and therefore various prices were set for the land plots. It stated that the land plots sold to the government for social housing were sold at a price that would be conducive for affordable housing.