Housing Development Corporation (HDC) lost an estimated MVR 14.85 billion to MVR 15.93 billion after 2,841,400 sq ft of land in Hulhumalé Phase II and III was allocated free under the Bheemvariya scheme launched during the administration of Ibrahim Mohamed Solih, according to the Auditor General’s report.
The audit found:
- Hulhumalé Phase II (Beachside): 188 plots (347,600 sq ft) leased to 473 people — estimated value MVR 2.5 billion
- Hulhumalé Phase II: 521 plots (909,250 sq ft) leased to 1,166 people — estimated value MVR 4.9 billion
- Hulhumalé Phase III: 699 plots (1,584,550 sq ft) leased to 2,481 people — estimated value MVR 8.4 billion
The Auditor General’s Office said valuations were based on HDC land prices from 2022–2024.
The report also stated the land was allocated without detailed studies on the financial impact on the state or HDC, resulting in major revenue losses.
