The Ministry of Finance has decided to compensate Urbanco with additional assets for the land plots issued to recipients under social housing.
The government is extending additional assets to Urbanco, since the state had allocated plots to social housing recipients form lands that fell under the corporation’s purview.
During the budget committee meeting at the parliament last week, the ministry said it allocated lands from Hulhumalé under the same policy of issuing state-owned lands. The ministry added that the government decided on providing compensation to Urbanco since it is a commercial entity.
"We are in discussion with Urbanco to provide compensation through assets instead of money," Accountant General of the ministry Mohamed Azad said.
It has been reported that the government has decided to grant islands or lagoons to Urbanco in compensation. However, details of these islands have not been designated according to the ministry.
The previous government held that 18,955 recipients are eligible for land plots in the Greater Malé Region, including 2,218 plots from Gulhifalhu, 1,351 from Hulhumalé, and 5,432 from Giraavaru Lagoon.