Maldives government on Wednesday announced its decision to annul the agreement with India's TATA to construct luxury flats in the two remaining plots awarded from the capital Male.
The project to construct of flats in four separate sites in Male was awarded to Indian construction giant TATA Housing which joined up with SG18 Developers Pvt. Ltd., under the banner of Apex Realty.
Though the agreement was signed in 2010, the project was delayed because of the pending resolution of certain unavoidable contractual issues.
Housing minister Dr Mohamed Muizzu told reporters on Wednesday said despite breaking ground late last month, the company had not begun construction in the allotted 90 day period.
Though the deadline had been extended several times, the company had failed to begin construction which had prompted the government to scrap the agreement, the minister explained.
TATA had handed over the social housing flats in two plots late last year but had failed to begin construction of a total 127 luxury flats in two separate land plots in Male.
