The Housing Development Corporation (HDC) has begun the work of establishing Management Corporations, as mandated by law, to manage and maintain co-owned buildings (buildings where apartments are sold to multiple people under a strata system).
Until now, HDC has been maintaining all such buildings it constructed in Hulhumalé.
In a statement sent to the media today, HDC said that it has started the process of forming Management Corporations to operate and maintain co-owned buildings, in accordance with the "Regulation on Management of Co-owned Buildings" formulated under the Co-owned Buildings Act.
According to the corporation, among the various co-owned buildings constructed in Hulhumalé, corporations for the Vinares flats will be established first. In this regard, it has been decided to hold the first Annual General Meetings (AGMs) for Strata One, Two, and Three on the 26th, 27th, and 28th of this month.
HDC stated that the purpose of these AGMs is to establish Management Corporations and elect councils to run them, in order to facilitate the management of the Vinares buildings. The responsibility for maintaining the buildings within a specific strata will be handed over to the Management Corporation council elected during the AGM.
The council for each strata, elected separately, will consist of a Council President, a Treasurer, a Secretary, and a general member.
HDC noted that owners of the units within the buildings, as well as officials from HDC and the Ministry of Housing, will participate in these first AGMs.
Following the first annual meeting, the law mandates that a meeting be held once every year. Once the Management Corporation council for a strata is elected, it becomes the responsibility of that elected council to hold the AGMs in subsequent years.
The towers in Vinares are divided into three strata:
- Strata 1 (Vinares Towers 1 to 4): 564 residential units
- Strata 2 (Vinares Towers 5 to 8): 492 residential units
- Strata 3 (Vinares Towers 9 and 10): 288 residential units
HDC stated that once the Management Corporations for the Vinares flats are established, they will proceed with the work of forming Management Corporations for other co-owned buildings in Hulhumalé.
The corporation also mentioned that these are important councils formed to ensure the uninterrupted provision of public services in co-owned buildings and to facilitate the long-term maintenance of the structures.
