The Housing Development Corporation (HDC) has announced that it has recovered MVR 223 million this year from overdue payments related to commercially allocated land and buildings.

The update was shared during a briefing to the Parliament’s Public Accounts Committee on the company’s ongoing efforts to recover outstanding dues.

HDC’s Chief Financial Officer, Ahmed Samih, stated that the company is taking major steps to strengthen its financial operations and tighten enforcement measures. He highlighted that one of the key reforms has been registering the credit data of all commercial and residential customers with the Maldives Monetary Authority’s (MMA) Credit Bureau and updating it monthly, a move that has already improved recovery rates since its implementation in March.

According to Samih, MVR 223 million has been collected so far this year from commercial and residential clients, out of the MVR 2.7 billion owed to the company. This figure excludes unpaid amounts from state-owned enterprises and other government agencies.

He added that HDC aims to recover an additional 41 per cent of the remaining amount by the end of the year. The company is also pursuing legal measures against non-paying clients, a process that had not previously been prioritised.

HDC further noted that 40 per cent of its commercial customers fail to pay their rent regularly. The corporation has issued warnings, imposed fines, and continues to take administrative actions to ensure compliance.