The ACC has also instructed state-owned companies to stop pay raises, promotions and new hires.
The housing project will have 36 towers, with apartments for 80,000 people.
Around 40 percent of the Maldives population lives in the capital.
The booking fee could be around US$7,000.
The takeover is the latest example of the government chipping away at the council's powers.
Housing is a hot-button issue in the Maldives, where 39 percent of the country’s 341,256 population lives on the 2.2 square mile capital island of Malé.
Hiyaa, meaning shelter, was launched with fireworks at a groundbreaking ceremony last November. It involves the construction of 36 towers with apartments to house 80,000 people.
The Hiyaa housing project involves the construction of 36 towers with one, two and three-bedroom apartments to house 80,000 people, according to the President’s Office.
A fast-tracked process through the Housing Ministry will ensure the flats are handed over swiftly, the defence minister said.
MTCC signed agreements with RI Engineering Private Limited to build two 15-storey towers with 362 apartments.
Launched with fireworks at a ceremony in Hulhumalé, the Hiyaa housing project involves the construction of 36 towers to house 80,000 people in one-, two- and three-bedroom...
