HDC Terminates Reveli Beach Club Lease Over Unpaid Rent of MVR 5 Million

The Housing Development Corporation (HDC) has terminated the land lease agreement for the popular Reveli Beach Club and Restaurant in Hulhumalé due to a prolonged failure to pay rent. In a statement issued today, HDC announced that the business agreement with Solaris Hospitality Private Limited has been concluded and the land has been taken back under HDC's supervision. An official from HDC confirmed that approximately five million Rufiyaa is owed by Solaris to the company. The official also noted that no Corporate Social Responsibility (CSR) work required under the agreement had been completed, and only partial rent was paid after a formal letter was sent. Rent has not been paid regularly since the beginning of the agreement. Despite changes in HDC management over the years, the official stated that there was no significant impact in letting go of the Reveli Restaurant operating company, located at Ring Road 1, Hulhumalé, due to their failure to pay rent as per the agreement. In its statement, HDC said the agreement was terminated after issuing all necessary notices and providing numerous opportunities under the terms of the agreement. HDC assured that such decisions are made only after providing the widest possible scope of opportunity for businesses established in Hulhumalé to serve the public. The corporation stated its aim is to always facilitate maximum opportunities for those conducting business in Hulhumalé. The issue of non-payment of rent by various parties to HDC has grown significantly, with complaints regarding this persisting for many days, including rent for some businesses and flats.