HDC and Transport Ministry Sign MoU for Allocation of Parking Slots in New Buildings

The Housing Development Corporation (HDC) has entered into an agreement with the Ministry of Transport concerning the allocation of parking slots from the fifteen parking buildings currently under construction.

Memorandum of Understanding Signed

The memorandum of understanding was signed by Transport Minister Mohamed Ameen and HDC Managing Director Ibrahim Fazul Rasheed during a ceremony held today at the Umar Zahir Building in Hulhumale'.

HDC announced that the parking facilities are expected to be completed within two years.

Addressing Parking Challenges

Minister Ameen highlighted that the parking situation on the roads had become increasingly problematic when the current administration took office.

He noted that through the implementation of strategic changes, the situation is steadily improving, and the addition of the parking buildings will further address the issue.

Ameen explained that many vehicles registered with the expectation of having dedicated garages often end up being parked on the streets due to limited residential parking space.

Parking Building Details

The parking structures will feature a total of 3,920 slots for cars and 3,426 slots for motorcycles.

Of these, 90% will be allocated via a bidding process, while the remaining 10% will be reserved for visitors to cafes and gyms located on the ground and top floors.

Ownership and Payment Methods

Fazul stated that vehicle ownership will be documented along with the parking slots.

Those who acquire parking slots will have permanent ownership.

"We plan to offer parking slots similarly to owning an apartment. Payments will be accepted through bank systems, and direct payments will also be an option. This opportunity ensures that people will have a permanent parking space for their cars," Fazul explained.

Construction Timeline

Last month, HDC announced its invitation for interested parties to apply for the construction of the parking buildings.

Fazul noted significant interest in the project, mentioning that construction on the 7 to 8 parking buildings in Hulhumale' Phase 1 will commence by the end of the year.

"We expect to see results within a year," Fazul asserted.