Tata Housing Development Company of India voiced concern over the Maldives’ decision to terminate the contract awarding two land plots of capital Male for flat development to the company, insisting that Tata has abided by the agreement.
Former President Mohamed Nasheed’s regime had awarded the land plots of the former Odion Cinema and Naadhee for Tata Housing to develop and sell luxury flats. The current government announced Wednesday its decision to terminate the agreement, declaring that Tata failed to commence the project within the given deadline despite an extension of 90 days.
In a statement released late Wednesday, Tata Housing proclaimed to have kept the Ministry of Housing and Infrastructure of the Maldives informed of the company’s plans for the project. Tata stated that the ministry had accepted the plans forwarded by the company last February after which Tata has been in preparations to commence construction.
Expressing shock and worry at the sudden notice of contract termination, Tata said that it is looking into the protection of the company’s rights under the circumstances. Tata also noted that the company had completed the project to develop flats in the land plots of former Arabiyya School and Gaakoshi in capital Male and handed them over to the government despite numerous challenges and obstacles.
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Source URL: Mihaaru-News