On 6th June 2023, Urbanco has finally given JAAH Investment a 30-day notice to finish the project, which has been at a stand-still for years.
Jaahinvestments.mv
Living in the Maldives, one quickly realizes the daunting task of finding affordable and spacious apartments or any suitable housing. As the Greater Male' Area attracts more and more people, the cost of housing has skyrocketed, despite the government's attempts to tackle the issue through various housing projects.
The situation has become increasingly challenging, with housing expenses devouring a substantial portion of individuals' monthly incomes. As a result, many residents are starting to consider the advantages of investing in a long-term home rather than perpetually paying rent. The idea of purchasing a home and establishing a stable foundation has become an appealing alternative for those grappling with exorbitant rental prices. This shift in mindset reflects the growing realization that, in the face of relentless housing costs, the pursuit of homeownership offers a more viable and economically advantageous path.
While owning a house may seem like an ideal choice in the Maldives, it comes with the burden of paying off substantial loans with high-interest rates. The cost of purchasing a house, which can amount to millions, often becomes a lifelong financial commitment for individuals.
What happened?
Amidst this scenario, the announcement of the Gardens project by JAAH Investment caught the attention of many residents. This project promised to fulfil the dream of a luxurious, spacious, and perfect forever home for anyone living in the Maldives. With a price tag of up to MVR 7 million, investing in this property became a significant financial decision for those who placed their deposits, anticipating the realization of their dream home within a few months.
However, as the months turned into years, the realization of a horror story unfolded. The Gardens project, which commenced in 2017, remains unfinished as we approach the second half of 2023. Despite people voicing their concerns and struggles related to the financial burden of repaying hefty housing loans over the years, little progress has been made on the project. Dishearteningly, the construction work has come to a standstill, leaving those who invested in the Gardens project in a state of uncertainty and frustration.
A 30-day notice has been issued
For those who have been fighting for their forever home to be completed, and to get their money’s worth from JAAH Investment’s The Gardens project, the finished project might finally turn into reality as Urbanco has finally intervened in the matter.
On 6th June 2023, Urbanco has finally given JAAH Investment a 30-day notice to finish the project, which has been at a stand-still for years.
“After further investigation, Jah Investment has been given 30 days to complete the work and pay the land value to Urbanco” - Urbanco.
According to Urbanco, this was not the first time that the company has gotten involved in the matter as they have given JAAH Investment several opportunities to complete the work before issuing the 30-day completion notice.
While this might finally be the rescue that the investors and buyers of The Gardens property have been waiting for, JAAH Investments has been under fire for more than their housing projects remaining incomplete. Though the company has to provide lot more answers, such as the unpaid wages to their employees as well as the unpaid taxes to MIRA - those who invested millions into The Gardens project and are waiting for answers might finally get one from the company.
