Urbanco states that 31 land plots have been sold to locals from Thilafushi for industrial purposes.
The land plots, sold, had been allocated to be sold for industrial purposes.
Urbanco said all 31 individuals had signed the sale agreement. They noted that there were 72 individuals who have been conditionally awarded land from Thilafushi, that are in the process of settling the payment.
Applications for sale of land from Thilafushi opened in February. If the purchaser of the land of a local or a local business, they can gain ownership of the land, while if it is a foreigner or a foreign business, they can only purchase the land for up to 99 years.
The minimum bidding rate was MVR 1,700 per square foot.
As per the government’s masterplan for Thilafushi, an additional 151 hectares of land will be reclaimed and developed at Thilafushi.
The government’s aim is to develop Thilafushi as an industrial hub in order to ease the land constraints in the Male’ area, and the increasing rent, by shifting all industrial works in Male’ area to Thilafushi.