Urbanco receives two lagoons in exchange for utilization of land for housing

Urbanco's managing director Ibrahim Fazul Rasheed speaks to press on December 21, 2023. (Photo/Infinite Moments/Mohamed Maavee)

The government has decided to give Urbanco two lagoons from the Male’ Atoll, along with financial compensation, in exchange for the issuance of land from the areas under the corporation’s jurisdiction under the former administration’s housing scheme, says the corporation’s managing director Ibrahim Fazul Rasheed.

In a press briefing on Thursday, Fazul said that Urbanco will receive two lagoons as part of the compensation for the land which was utilized for housing.

‘The lagoons are one component. And the government will also need to make cash payments in the coming days,” he said.

Fazul said the corporation is seeking MVR 7.7 million – MVR 7.9 million as financial compensation, adding that negotiations were in progress.

Thousands of plots of land have been promised to residents of Male’ from Hulhumale’, Gulhifalhu and Giraavaru Falhu under the former administration’s ‘Binveriya’ scheme.