Wednesday
18th Dec 2024
Dhivehi Edition
Housing development corporation
Senior management at HDC snap up flats intended for middle-income buyers
President Solih and HDC's MD Atif. Photo: President's Office
Housing Development Corporation (HDC) has come under fire for its recent decision to sell 34 mixed residential units developed by private companies in Hulhumale' to its senior management instead of making them available for public purchase. The flats, originally intended for middle-income people, were sold to HDC employees, including the Managing Director, all board members, and those in senior positions.
The decision to sell the flats to the senior management has raised concerns among HDC employees who feel that the distribution of flats in this manner to a small number of people who have entered the company under political influence is unfair. Many employees have served for many years and are not satisfied with the distribution of flats in this manner.
According to HDC, the flats were sold to employees who will be paid in the shortest possible time. However, the move has raised questions about the fairness of the process, especially since the flats were originally intended for middle-income people who cannot afford the market rate.
Floor plan of the flat bought by Atif.
The largest of the flats was purchased by the HDC Managing Director, Ahmed Atif. Atif bought a 1,271-sq ft three-room flat in SJ Creek Residence for RF 2.5 million, which is much cheaper than the market rate. An apartment of this size at a market rate is currently available in the Male' area for more than RF 5 million.
HDC has defended its decision to sell the flats to its employees, stating that there were no buyers for the apartments. However, a look at the response to the apartment buildings being developed in the Greater Male' Area confirms that there is a huge demand for apartments sold at prices several places below the market rate.
The decision to sell the flats to the senior management of HDC is not only unfair to the public who were originally intended to benefit from the cheaper prices but also to many HDC employees who were not considered for the opportunity. The flats could have been sold through a fair and transparent process to ensure that all those who meet the eligibility criteria had an equal chance to purchase them.
The decision by HDC has also raised questions about the transparency and accountability of the company. The move appears to be politically motivated, and the public has a right to know the details of the transaction.
HDC has defended its decision to sell the flats to its employees, stating that there were no buyers for the apartments. However, a look at the response to the apartment buildings being developed in the Greater Male' Area confirms that there is a huge demand for apartments sold at prices several places below the market rate.
The decision to sell the flats to the senior management of HDC is not only unfair to the public who were originally intended to benefit from the cheaper prices but also to many HDC employees who were not considered for the opportunity. The flats could have been sold through a fair and transparent process to ensure that all those who meet the eligibility criteria had an equal chance to purchase them.
The decision by HDC has also raised questions about the transparency and accountability of the company. The move appears to be politically motivated, and the public has a right to know the details of the transaction.