New Rules Allow Multiple Bids in Thilafushi Land Sale

The Housing Development Corporation (HDC) has announced significant changes to the rules governing the second phase of the Thilafushi land sale, allowing individuals to submit multiple bids.

Previously, each party was limited to submitting a single bid for land in Thilafushi. However, the revised rules now permit bidders to submit more than one bid, potentially increasing competition and opportunities for acquiring land in this strategic location. Each bid must be at least RF 15 higher than the current highest bid, ensuring a competitive bidding process.

HDC outlined that the price of each new bid must exceed the highest existing bid by a minimum of RF 15. This adjustment aims to streamline the bidding process and encourage active participation from interested parties.

The second phase of the Thilafushi land sale includes 108 plots of varying sizes. If multiple parties express interest in the same plot, the land will be sold through a tender process, with a minimum bid price set at RF 1,700.

The introduction of multiple bids is expected to enhance the overall efficiency and transparency of the land sale process, providing greater opportunities for potential buyers to secure their desired plots.