Jaah Investment was initially awarded the contract to develop "The Garden" apartment building in 2017, with multiple deadline extensions granted since then. The latest 45 day deadline was given to them on January 27.
Housing Development Corporation (HDC) has cancelled its agreement with Jaah Investment Pvt Ltd and ordered the company to hand over the premises after failing to complete the apartment project within the given 45 day deadline.
Jaah Investment was initially awarded the contract to develop "The Garden" apartment building in 2017, with multiple deadline extensions granted since then. The latest 45 day deadline was given to them on January 27.
HDC said in a statement on Sunday that the company had not completed the project within the stipulated timeframe, which lead to the termination of the agreement.
HDC said that it would soon share information with apartment buyers regarding the planned completion of the project.
HDC stated that the decision was made to ensure that those who have already paid for the apartments can receive them as soon as possible.
The issue of delays in the completion of these flats was previously raised in a letter sent to President Dr Mohamed Muizzu in January, highlighting the distress caused to buyers due to negligence in HDC's various housing projects carried out by real estate companies.
Law firm Shunana & Co., representing affected buyers, addressed the letter to President Muizzu, urging action on the matter.
Regarding the Jaah flats, HDC had previously announced in October 2023 that finishing work was underway on all floors below the 10th, including plastering, putty work, tiling, and ceiling work. At the time, HDC had assured that the remaining construction would be completed within six months.
Despite being issued a 30 day notice last year to complete the 83 apartments and settle land payments owed to HDC, the company failed to meet both obligations, leading to the contract termination.
The Garden Residence which was being developed by Jaah Investments
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