Former President Ibrahim Mohamed Solih's administration had previously sanctioned the lease of land to foreigners for a duration of 99 years, eliciting public outcry and scrutiny.
Atolll Times
In a significant policy reversal, the Housing Development Corporation (HDC) has announced its decision to alter the rules concerning land ownership in Thilafushi, overturning a previous regulation enacted during the tenure of former President Ibrahim Mohammed Solih's government.
Former President Ibrahim Mohamed Solih's administration had previously sanctioned the lease of land to foreigners for a duration of 99 years, eliciting public outcry and scrutiny. Despite objections, the decision proceeded, with land sales to foreign investors being executed. The controversy surrounding foreign land ownership prompted debates within both the government and opposition factions, reflecting divergent perspectives on national land management policies. With the amendment now only Maldivians will be allowed to purchase land in Thilafushi, marking a pivotal shift in the island's land management strategy.
In an official statement released on 25th April, HDC revealed its intention to open up land for sale in Thilafushi, primarily targeting industrial and commercial purposes targeting land sale only to Maldivians. The corporation emphasized its commitment to fostering a conducive environment for businesses while promoting sustainable development in the city area. By offering land for sale, HDC aims to provide permanent opportunities for business activities and encourage the growth of a green economy.
Highlighting the importance of inclusive economic development, the HDC affirmed its dedication to supporting small and medium-sized enterprises (SMEs) in Thilafushi. Priority will be given to initiatives that promote sustainable growth and contribute to the local economy. Additionally, HDC announced plans to allocate additional land for lease, with the distribution contingent upon the proportion of land utilized in Thilafushi.
This decision comes in the wake of a previous announcement by HDC regarding Phase 2, which proposed a scheme allowing locals to own land and foreigners to lease it for a period of 99 years. However, the initiative faced criticism, particularly concerning the long-term leasing of land to foreign entities. As a result, HDC opted to revise its approach, aligning with evolving public sentiment and development priorities.
