HDC issues warning against illegal sale of housing units

Housing Development Corporation (HDC) said on Monday that they had received information some of the private companies tasked with building housing units in Hulhumale’ were selling apartments before construction had even started.

HDC issued a press statement saying that some private companies tasked with building housing units in Hulhumale’ had violated their agreement with the corporation.

They noted that as per the section – Development and Sales Rights – of the agreement, companies could sell housing units only after progress of construction of building structure reaches a pre-determined level, and after HDC grants them permission to sell the housing units.

HDC said that they wanted to inform those who wanted to buy the housing units that the maximum booking price for the units was set at a celling price of MVR 50,000 as per the agreement.

HDC advised that the public be cautious when making financial transactions regrading housing units built, or being built by private companies.