More than MVR 1.4 billion is owed as rent for lands leased in Hulhumale', Thilafushi and Gulhifahu by the Housing Development Corporation (HDC), the Parliament's Public Accounts Committee revealed today.

During a committee meeting, MPs noted that MVR 1.2 billion is owed from ongoing contracts and MVR 195 million is owed from cancelled contracts.

The largest amounts of unpaid rent were from land leased under the development and sales rights principle for luxury housing in Hulhumale' and land leased for industrial use in Gulhifalhu and Thilafushi.

According to a document posted on X by Hithadhoo Medhu MP Ahmed Azaan, the largest amount is owed by NPH Development which developed the Aqua Vita Residences. The company has an outstanding amount of MVR 215 million.

Companies that owe huge amounts to HDC

1. NPH Developments - MVR 215.2 million
2. Jausa Investment - MVR 99.4 million
3. Island Expert - MVR 85 million
4. Hanbo Company - MVR 69.9 million
5. Rainbow Mega Developers - MVR 68.9 million
6. Yacht Tours - MVR 36.3 million
7. Ensis Fisheries - MVR 27.1 million
8. Amin Construction - MVR 25.2 million
9. Waterfront Hotel and Leisure - MVR 23.4 million
10. Waterfront Hotel and Leisure - MVR 14.4 million

The committee today decided to inform the HDC to share the steps it intends to take to recover the money and to identify the current status of the land plots involved in cancelled contracts.