A plot of land in Hulhumalé Phase II has been officially transferred to the Bank of Maldives (BML).

The Housing Development Corporation (HDC) transferred ownership of the 15,800-square-foot plot to BML in the bank’s name.

On Wednesday, the Civil Court ruled that as both disputed lands were under HDC’s jurisdiction, there was no legal obstacle to the transfer, making the transaction valid.

According to the court ruling, the Hulhumalé Phase II plot is now owned by BML, while HDC retains ownership of the land located in Phase I.