Urbanco has been allocated ownership of two lagoons in the Male’ Atoll by the government as part of a land exchange deal related to the housing scheme from the previous administration.
This announcement, made by Urbanco’s Managing Director, Ibrahim Fazul Rasheed, follows a decision by the government on November 13. Accompanying the allocation is a financial compensation package.
Fazul clarified, “The lagoons are one component. Moreover, the government must also make cash payments in the coming days.” He mentioned that the corporation is seeking financial compensation from MVR 7.7 million to MVR 7.9 million, with negotiations underway.
The housing scheme, known as ‘Binveriya,’ had promised thousands of plots of land to residents of Male’ from Hulhumale’, Gulhifalhu, and Giraavaru Falhu under the former administration. The recent decision signifies a step forward in executing the land exchange as part of the broader urban development strategy.