Housing Development Corporation (HDC) has last night launched its 'Transforming Tomorrow' initiative, under which they will be proceeding 15 major projects.
Plots from Hulhumale' Phase 3 will be handed over to beneficiaries by January next year, Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed said last night.
Speaking at the inauguration of major projects of HDC, Fazul said that land reclamation work for Hulhumale' Phase 3 would resume soon, with land set to be transferred to rightful owners by January.
He noted that the previous government, under President Ibrahim Mohamed Solih, allocated plots in unreclaimed areas as part of the Binveriyaa housing scheme.
"As Managing Director, I acknowledge that the reclamation of Hulhumale' Phase 3 has been delayed. There are challenges, but we have consistently worked to manage them," Fazul said.
He added that the introduction of a special housing loan scheme would allow beneficiaries to collaborate with investors to ensure affordable housing on each allocated plot under the Binveriyaa scheme.
“We had to reclaim land from the lagoon and replace the water network and electricity grid. We are taking care of these essential tasks to enable beneficiaries to build homes there,” he said.
Fazul also highlighted that major developments in Hulhumale' would provide residents with significant ease and generate business opportunities.
“Whether it’s housing, business, or entertainment, everything has been planned in alignment with HDC’s vision,” he said.
HDC inaugurated 15 projects yesterday, including two social housing projects in Hulhumalé, with 2,100 flats designated for these developments.
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