Urbanco has taken over housing units under construction in Hulhumale' by the Jaah company in order to expedite completion.
An Urbanco official told Adhadhu that the flats were 91 percent complete and the rest of the work will be done by Urbanco. Details of Urbanco's agreement with Jaah were not immediately clear.
After securing the project for the development and sale of luxury flats, Jaah took payments from buyers for the apartments.
However, following delays in completing the flats, a complaint was filed with the police alleging theft and fraud by Jaah.
Urbanco said in a statement on Monday that it would try to finish the work as soon as possible and limit losses for the buyers of flats from Jaah Construction's housing units.
As the project was 91 percent complete, changing the developer and restarting would not be the best option, the corporation said.
Arrangements have been made under agreements reached between Urbanco, Jaah and flat buyers to carry out the work and finish as soon as possible, according to the Urbanco statement.
"This corporation's aim is to finish the work in the shortest period possible after considering the agreements made for the work and the transactions between the developer and the buyers of flats," Urbanco said.
