And while the plans are to carry out the project in two phases, with the first phase involving the development of 2,000 two and three-bedroom flats in Hulhumale’, there is little to no information about the plans for the second phase of this project.
FDC
Ever since the Maldivian Government announced its plans to develop housing flats for residents of Male’ under the Gedhoruveriya scheme, people have been questioning the viability and real possibility of this scheme. The scheme which was created due to the larger number of people who are original residents from Male’ City yet have no house or land to claim as their own aims to finally provide proper housing that Male’ residents can finally call a home.
With a long list of conditions and several allegations and suspicions rising around this scheme, it appears that the housing scheme is finally moving towards the first steps to its development as an Indian company by the name Kalpataru Projects International Limited (KPIL) has been contracted to develop 4,000 flats for a cost of MVR 2.6 billion by the state development company Fahi Dhiriulhun Corporation (FDC).
This is going to be the first housing project that is being contracted and developed by the current administration. And while the plans are to carry out the project in two phases, with the first phase involving the development of 2,000 two and three-bedroom flats in Hulhumale’, there is little to no information about the plans for the second phase of this project. What is known so far is that half of the project is to be developed by the infamous Indian company JMC which will see the development of 2,000 flats while the other 2,000 are to be developed by another Indian company named NBC.
A majority of the cost of this project which is to be completed in a span of 36 months is to be covered by the loan that was taken by the Exim Bank of India, while 15 percent of the project will be financed through the state budget by FDC.
