Pension Office buys over 10,000 sqft land in Hulhumale

Maldives Pension Administration Office (MPAO) has purchased 10,118.07 sqft of land in Hulhumale'.

The Office purchased the land for MVR 37.5 million. Urbanco has since submitted to the Civil Court to change the land registry under MPAO's name, after having received the payment from MPAO.

The Civil Court noted that Urbanco had announced to check whether the land was owned by someone else before selling it to MPAO. However, no one had come forward with land ownership during the stipulated time. While MPAO said that Urbanco has acknowledged the payment for the land plot, the Civil Court highlighted that Urbanco has all the legal rights to sell the land.

The Civil Court said that all the legal requirements for the sale of the land have been fulfilled.

Therefore, the Civil Court ruled that the land was sold to the Pension Office for MVR 37.5 million, and declared the Pension Office as the rightful owner of the land.