HDC incurs MVR 11 billion in loss from 'Binveriyaa' scheme

The Auditor General's Office has estimated that the Housing Development Corporation (HDC) will suffer losses amounting to approximately MVR 10.5 billion (USD 680.93 million) due to the lands issued from Hulhumalé under the 'Binveriyaa' (land owner) scheme.

In the 'Auditor General’s Report on Review of Budget Position Report 2023 and Mid-Term Budget Review 2023' published on Sunday, it was detailed that "according to documents provided by HDC, the estimated losses from allotting these lands for the “Binveriyaa” scheme range between MVR 7.2 billion and MVR 10.5 billion."