A report by the Auditor General has revealed that the Housing Development Corporation (HDC) is facing a financial loss of approximately MVR 15 billion due to the free allocation of land in Hulhumalé under the previous administration’s “Binveriya” scheme.
The audit report estimates that if the 2.8 million square feet of land distributed under this scheme had been sold at market rates, it would have generated a revenue between MVR 14.85 billion and MVR 15.93 billion. The report further noted that the free distribution of significant land areas from Hulhumalé Phase 2 and Phase 3 would have an adverse impact on public finances, highlighting that the state has effectively incurred an average expenditure of MVR 3.8 million for each recipient of a land plot.
