The President's Office decided on Monday to transfer ownership of the Male' atoll Galufalhu and Maagirifalhu lagoons to Urbanco in order to cover the company's losses from land designated for awarding plots and building flats under the government's housing schemes.
For the 'Binveriya' scheme carried out under the government's housing policy, 9,003 plots of land were awarded in the first round.
The government is building 4,000 units in Hulhumale' for flats needed for the 'Gedhoruveriya' scheme with agreements signed for a further 2,000 flats.
The cabinet's economic council decided to transfer two lagoons to Urbanco in exchange for the land needed for the two housing schemes, Adhadhu has learned.
The Finance Ministry and Urbanco should discuss and conduct a valuation of the land issued for awarding plots and building housing units in Hulhumale', the economic council decided.
The 9,003 plots to be awarded in the first round under the 'Binveriya' scheme include 1,351 plots in Hulhumale', 2,219 plots in Gulhifalhu and 5,433 plots in Giraavaru lagoon.
Some 26 hectares from Hulhumale', 42 hectares from Gulhilfalhu and 73 hectares from Giraavaru are needed for the schemes.
Urbanco lost 68 hectares of land for the Binveriya scheme alone.
