A decision has been made to sell a plot of land in Hulhumalé Phase 2 to a private individual at a price that would result in a big financial loss to the state.
According to a leaked Housing Ministry memo circulating on social media, a 1,250-square-foot plot is to be sold to an individual named Ahmed Zahir for MVR 468,750. This valuation amounts to just MVR 375 per square foot.
The market value of land in Hulhumalé currently exceeds MVR 10,000 per square foot. This means the land is being sold to Ahmed Zahir at a staggering 96 percent discount.
A source familiar with the matter told Adhadhu, on condition of anonymity, that the President's Office directed the Housing Ministry to sell the land to Zahir at this undervalued rate. Zahir is a member of the ruling People’s National Congress (PNC).
The Housing Ministry memo further reveals that, in addition to the massive discount, Zahir has been granted significant payment flexibility. He is required to make an initial payment of MVR 50,000, with the remaining balance to be settled over a five-year period.
Following public criticism after the memo was leaked, Housing Minister Abdulla Muththalib confirmed the document's authenticity in a social media post last night. He stated that the land is being sold to Zahir as compensation for "unjust treatment" he had previously received.
However, the Minister did not provide further details. He noted that the Housing Ministry would release a detailed statement on the matter later today.
