Finance Ministry purchases MVR 94.5M land plot from Hulhumale’

The Ministry of Finance and Public Enterprises has acquired a large plot of land in Hulhumalé, previously owned by the Housing Development Corporation (HDC), for MVR 94.5 million.

The Hulhumalé Division of the Civil Court has ruled that the transaction is valid under both Islamic Shariah and Maldivian law.

Finance Ministry acquired Hulhumalé Lot No. 11516, which covers an area of 25,011.43 square feet. A total of MVR 94,543,205.40 was allocated from the state budget to finance the sale.

HDC filed the case with the court under a “sale of land and building” claim to formalize the transfer of ownership to the Ministry.

In its ruling, the Civil Court noted that HDC, which is legally authorized to develop and manage land in Hulhumalé, had entered into a sale agreement with the Finance Ministry and that the transaction had been completed.

The court further confirmed that Finance Ministry had paid HDC the full purchase price of MVR 94.5 million. It observed that the essential requirements for a valid transaction under Islamic Shariah, including a contract, offer and acceptance, had been fulfilled, with documentary evidence confirming full payment of the agreed amount.

The presiding judge ruled that the sale of the land, registered under HDC, to the Finance Ministry for MVR 94,543,205.40 was legally valid. The court also determined that, as the transaction had been completed and payment settled in full, there were no legal or Shariah-related obstacles to transferring ownership of the Hulhumalé plot to the Finance Ministry on behalf of the Maldivian state.