Tata flats sold out in five days

Nearly 50 flats in Malé priced at MVR2 million have been sold within five days after the Housing Development Corporation put them up for sale.

HDC announced Sunday that it will conclude the sale with buyers who submitted valid documents. The 10 flats in the old Arabiyya school compound and 37 flats in the Gaakoshi plotare part of new apartment complexes built by a subsidiary of India’s Tata Group in the capital.

They remained unsold when more than 160 flats were put up for sale in January through an online portal.

The original recipients under a previous government’s social housing programme were unable to secure loans before a deadline last year. The flat winners were told to either pay MVR2 million (US$130,000) upfront or obtain home loans with a down payment of at least MVR400,000 (US$25,940), a price out of reach for middle or low-income families.