Housing Development Corporation (HDC) has demanded down-payment from the tenants who had requested purchase of 160 flats from the two social housing properties developed by TATA.
Initially the project of social housing flats in both former Arabiyya School plot and Gaakoshi commenced under former president Mohamed Nasheed's administration. However due to several disputes over the contract the project was stalled until 2016.
Immediately after the project concluded HDC had opened 160 from the 264 flats for purchase options - seeking possible tenants.
However only 55 tenants were able to settle the advance before due while HDC had to once again announce purchase option for the remaining 105 flats.
In a statement by the corporation, HDC had confirmed all 160 flats up for purchasing has been completely sold out to tenants and they demanded to settle the down-payment at the earliest convenience.
The tenants had presented a HDC-conditioned bank guarantee of MVR 100,000 in order to purchase the TATA housing flats.
HDC informs the future tenants who fail to settle their advances for the flats will lose the opportunity past due and the properties would be up for sale later.
