Housing: Tata flats worth MVR 4 mn, government reduced it by half

Ministry of Housing and Infrastructure has hit back on complaints over the high price of Tata apartment complexes Male’ Grand and Male’ Square, remarking that the value of each flat was MVR 4 million, and that the government had reduced it by half before issuing the apartments.

Speaking during a press conference at Ministry of Housing and Infrastructure this Thursday, Minister of Housing and Infrastructure, Dr. Mohamed Muizzu said that the original contract between Tata and former President Mohamed Nasheed’s government dictated that Tata be awarded an inhabited island, and ownership of the flats for 50 years; increasing the value of the apartments to MVR 4 million.

“These are not flats for MVR 1 million or MVR 1.2 million. Some senior officials from the former administration are claiming the value is MVR 1.2 million in order to mislead the people.

These flats are worth more than MVR 4 million,” said Minister Muizzu.

He said the current administration had reduced the price of the flats by half – to MVR 2 million.

Minister Muizzu also said that it was Nasheed’s administration which needed to bear the responsibility over the issue with the flats as it had been Nasheed’s administration which made the contract with Tata.

“We have the contract, everything has been decided. There’s little room for amendment. We have seen to it the best we can,” he said.

Arrangements have been made so that tenants are able to make the payments for the flats through Housing Development Corporation (HDC).

HDC has been issued the MVR 278,145,960 which needs to be paid to the contractor.

Meanwhile, Tata has been given 90-day notice over delay in construction of flats in the two sites – Naadhee and Audion.

Minister Muizzu warned that the contract will be terminated if the company failed to start construction within the given period.