Housing Development Corporation (HDC) on Thursday, 08th July, had announced their plans to sell plots of land from Second-Phase of Hulhumale’.
Moreover, the corporation, under which the infrastructural development of the satellite town falls, notified that the sale of land will be carried at a rate of MVR4,800 per square-foot.
HDC had earlier sold plots of land from the Second-Phase during 2017, which also marks the last time the corporation had done so. Plots were sold on the basis of bids with the proprietor decided based on highest bids.
Furthermore, during the earlier land-sale phase, HDC had made 92 plots available for which a total of 102 bidders quoted prices, with a bid commencing price of MVR3,000 per square-foot. During the 2017 land-sale, a square feet area of 101,954.33 were sold to various bidders with most of these plots situated at beachside.
Speaking with local media, a member of HDC board had confirmed on their decision to re-open the sale of land, which was concurred by the board on last Monday, 05th July. The member further noted that the corporation will put at least 60 plots up for sale.
HDC confirms the next round of land-sale has been planned over growing demands from local entrepreneurs and proprietors.
Although the corporation has not disclosed an official date of commencing the land sale, it is expected to commence soon as per the comments of the board member.