Housing Development Corporation (HDC) has revoked lot number 10322 of Hulhumaale’, which was sold to Villa Group’s, Villa Shipping and Trading Company.
Villa Group reported that 25 percent of the advance amount has already been paid with the rest of the MVR 32,014,83.08 spread over a period of 120 months. The final payment is due next May.
The Group added that the Group has been paying amount on a regular basis since June 2006. As such, the company has paid MVR 42,425,952.00 to HDC.
Additionally, the company had already spent MVR 117,264.810.00 incurred as land cost and expenses for the land.
HDC letter stated that in the event HDC, as the owner of the land, can revoke the land and will not be liable to pay the amount already spent by the Group, as rent, building costs and other costs.
Speaking to local media regarding the issue, Villa Group Chairman Qasim Ibrahim expressed his concerns. He stated that the Group has to be compensated for the amounts they had already spent and that HDC cannot revoke the land against all the laws of state. He described the issue as a grave injustice.
HDC revokes land in Hulhumaale to Villa Group
