The Housing Development Corporation (HDC) has said that 17 plots of land sold to the government from Hulhumale Phase II were bought for housing purposes.
On behalf of the government, the Finance Ministry bought 17 plots of land ranging from 15,000 sqft to 66,000 sqft for MVR 878 million. The Civil Court completed the land purchase transaction on Tuesday and transferred ownership to the government.
In a statement, the HDC said the 17 plots of land sold to the government were for the construction of 4,000 flats in collaboration with the Fahi Dhiriulhun Corporation.
HDC said the land was sold to the government as Hulhuma;e' Phase II was dredged and developed by the corporation under a loan. However, However, the company sells land at lower prices for housing projects, the HDC said.
The government has bought land from HDC in the past at high prices for state use.