Hulhumale' Property Auctioned by HDFC, Bidding Begins at MVR 25.7 Million

Housing Development Financing Corporation (HDFC) has opened the auction for a prime property located in Hulhumalé. The property, known as Orchid Hiya, is situated on Plot 10718. The sale includes both the building and the land, with the starting bid set at MVR 25.7 million.

Property Background

The property was originally mortgaged under a loan taken by Khadheeja AbduSattar, Ma. Champaamaage, and Jameel Usman. Jameel Usman, who is known for his role as the former Member of Parliament for the Gemanafushi constituency, currently serves as the Head of Specialist Projects, Operations at Tree Top Hospital.

The auction comes after a legal authorization granted by the Civil Court on September 30, allowing HDFC to proceed with the sale.

Key Auction Details

  • Starting bid: MVR 25.7 million
  • Bidding deadline: November 14
  • Auction rules: The auction will close if no new bids are submitted within three consecutive working days.
  • Payment terms: If the highest bidder fails to settle the payment within 10 days, the second-highest bid may be considered, or HDFC could choose to reopen the auction.

Loan Settlement Option

It's important to note that the current owners still have the option to settle their loan within the auction period to reclaim ownership of the property. 

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