Finance Ministry buys 25,011 sq ft Hulhumalé plot from HDC for MVR 94.5 million

The Ministry of Finance has purchased a plot of land in Hulhumalé from the Housing Development Corporation for MVR 94.5 million. The price has been paid in full. The plot measures 25,011 square feet and lies in an area that includes the Hulhumalé fish market. The transfer was registered through the Civil Court, which ruled the transaction valid, removed the land from HDC's ownership and placed it under the Finance Ministry. When the government takes over land under HDC's control the corporation must be paid for it, and similar transfers have taken place several times before. Earlier this year the government bought a plot in Hulhumalé Phase 2 for MVR 69.7 million, which was allocated for a campus of the Islamic University. What the ministry intends to do with the new plot has not been announced.