India’s EXIM Bank disperses advance payment for social housing projects

India's EXIM Bank.

India’s EXIM Bank has dispersed USD 34 million as advance payment for the social housing projects underway at Hulhumale’ Phase II, under buyers' credit.

Physical works on two housing projects will commence with the issuance of the advance payment.

On September 23, EXIM Bank concluded two loan agreements with Fahi Dhiriulhun Corporation Limited, extending buyers' credit worth USD 228 million, to find the construction of 4,000 housing units in Hulhumale' Phase II.

FDC contracted the construction of the housing units to two Indian companies with ample experience in real estate development and civil construction projects both in India and other countries; NBCC India Limited and JMC Projects (India) Limited. Each company will undertake the construction of 2000 housing units; 2800 units of three-bedroom apartments and 1,200 units of two bedroom apartments.

The two-bedroom apartments will measure up to 650 sqft - whereas the three-bedroom apartments will measure up to 900 sqft.

At present, the construction sites have been handed over to the contractors and preliminary mobilization work is underway.

Government authorities are also working to final detailed architectural designs to ensure optimum utilization of space and to significantly enhance the quality of life of the prospective residents.

Providing affordable housing for all is an electoral pledge of President Ibrahim Mohamed Solih.