BML granted land in Hulhumale' Phase 2 under land swap deal

Bank of Maldives (BML) has been allocated a plot in Hulhumale' Phase 2 under a land swap agreement with the Housing Development Corporation (HDC).

HDC transferred ownership of the 15,800 square feet plot to BML in exchange for a plot of the same size held by the bank in Hulhumale' Phase 1.

In a ruling on Wednesday, the Hulhumale' division of the Civil Court said the consent of a state representative was not required for the transaction, as both plots fell under HDC’s jurisdiction. The judgment confirmed the swap was valid, with no legal impediment.

As a result, ownership of the Phase 2 plot now rests with BML, while the Phase 1 plot reverts to HDC.

BML had previously purchased land in Hulhumale'.