Housing Development Corporation Ltd. (HDC) is a 100% state owned enterprise formed by a presidential decree in 2009. The organization was initially established as Hulhumalé Development Unit in 2001 with the mandate of undertaking the Hulhumalé development project. The unit was later corporatized into Hulhumalé Development Corporation Ltd in 2005.
HDC has three major roles in fostering the development of Hulhumalé
Firstly, it acts as a master developer, delivering the vision, inspiration and imagination of the project in a manner that is feasible and commercially viable.
Secondly, HDC is a builder, investing in the infrastructure necessary for quality living and business prosperity. These include the development of roads, landscaping, and ensuring that basic utilities as well as other essential services are available for investors and residents.
Lastly, HDC acts as regulator, overseeing detailed planning, architectural guidelines and building regulations.
HDC deals with the lease and sale of land as well as developed property in Hulhumalé. The company focuses on four broad areas of real estate development: residential, light industrial, hospitality and commercial.