The Housing Development Corporation (HDC) has stated that the total value of the land allocated for plots in Hulhumalé Phase Two under the "Binveriya Scheme," initiated by former President Ibrahim Mohamed Solih's government to address the housing crisis in Malé, amounts to MVR 5.4 billion.

During today's Public Accounts Committee meeting of the People's Majlis, attended by senior officials from HDC, Managing Director Ibrahim Fazul Rasheed responded to a member's question about the total value of the land allocated in Hulhumalé Phase Two. He stated that the value of just the land alone would reach MVR 5.4 billion.

However, Fazul mentioned that some changes to the infrastructure are necessary due to some plots overlapping with electricity and water systems, as well as pavements, which will incur additional costs.

He explained that these changes include modifications to water and electricity systems, road alterations, removing asphalt where needed, and laying new asphalt in required areas. Fazul clarified that the MVR 5.4 billion figure represents only the value of the bare land, excluding the costs of these infrastructure works.

Fazul stated that the allocation of plots to eligible individuals in Hulhumalé Phase Two has been completed, and the next phase will be Phase Three.