It has been revealed that there is no rationale or fairness in determining the rent and Corporate Social Responsibility (CSR) requirements for land allocated for commercial purposes in Hulhumale'.

Documents obtained by Adhadhu show decisions made by the Housing Development Corporation (HDC) board during Ibrahim Fazul Rasheed’s tenure as Managing Director. These decisions highlight significant discrepancies in the monthly rent and CSR rates for long-term leases of large plots of land in Hulhumale'.

For example, one company was leased 9,163 square feet of land for 50 years at MVR 5 per square foot as rent and MVR 55.8 per square foot as CSR. This company is required to pay MVR 45,815 monthly as rent and MVR 511,000 as CSR.

In contrast, another company was leased a similar plot for a monthly rent of MVR 18 per square foot and CSR at MVR 120 per square foot. This results in monthly rent payments of MVR 164,000 and a total CSR obligation exceeding MVR 1 million.

Additionally, the board approved a total CSR payment of MVR 5 million for land allocated to a luxury housing project. Meanwhile, two plots of land were leased to a prominent businessman for MVR 18 per square foot, with CSR fixed at MVR 240 per square foot.

These discrepancies come amid revelations that land in Hulhumale' was illicitly allocated under the Binveriyaa scheme to ineligible individuals. In response, the HDC board. except for its chairman, has been suspended. The MD Ibrahim Fazul Rasheed has resigned amidst these allegations.

Yesterday, 15 HDC staff members were terminated as investigations into the matter continue.