HDC Reveals MVR 1.2 Billion in Unpaid Rent from Leased Land

The Housing Development Corporation (HDC) has disclosed that businesses owe MVR 1.2 billion in unpaid rent for land leased for commercial purposes. During a Public Accounts Committee meeting in Parliament, it was revealed that these arrears include MVR 169 million from canceled agreements, with prominent private companies among the defaulters.

Baarashu MP Ibrahim Shujaau raised concerns over the large debts and urged the committee to investigate HDC's recovery efforts. He suggested terminating agreements with defaulters and reallocating the land to paying clients to resolve cash flow issues.

Central Hithadhoo MP Ahmed Azaan supported Shujaau’s motion, highlighting disparities in how rent extensions are granted. He criticized the leniency shown to multi-billion-dollar companies while small businesses face stricter enforcement.

The committee resolved to seek clarity on HDC's strategies to recover unpaid rent and manage canceled agreements. Meanwhile, HDC has issued a final notice to defaulters, warning that non-compliance by November will result in their details being published online.