Despite Hulhumale' Phase 2 being almost full, some vacant land plots are being sold at below-market prices, according to some businessmen who dealt with HDC on the matter.

A well-known businessman told Adhadhu that HDC was trying to sell land for residential and commercial purposes in Hulhumale' without an announcement. The land allocated for commercial purposes is the area given to CMC company in exchange for the reclamation of Rasmale, he said.

"They plan to sell 4,000 square feet and 5,000 square feet from that area. Each square foot is sold for MVR 4000," he said.

A financier who already owns land in Hulhumale said an offer was made to him on behalf of HDC.

“They offered 2,000 square feet of land for MVR 4,000 per square feet,” he said.

Although some people allege that the land sale is being conducted discreetly, HDC said the "land sale is being sold through a public announcement and bidding."

HDC announced in May the sale of 13 plots through bidding. They are 1,800 square feet and 2,400 square feet from the beachside.

The HDC did not disclose how many of the plots were sold or the prices. The company had previously announced the buyers and prices of the land through bidding.

The previous management last sold land in late 2022. The highest price offered for the plots was MVR 6,060 per square foot. The highest price offered for land sold earlier that year was MVR 9,700 per square foot.

However, sources with information on the matter said HDC now plans to sell a square foot for MVR 4000.

Such transactions are punishable offences under the Prevention and Prohibition of Corruption Act.

The HDC is trying to sell land at below-market rates at a time when the country's financial situation is deteriorating and the state reserves are declining.