Tata Housing group agrees to revised contract, ready to resume construction

After resolving contractual disputes with the government, Apex Realty has announced it is prepared to resume work on its Malé housing projects as soon as the agreed amendments are introduced into the contract.

“We are committed to the Maldives project and can start the project within 45 days after the final nod is received from the Housing Ministry and contract amendment is signed,” said Mr Sandeep Ahuja, Director at Apex.

The project – a joint venture between the Maldives Housing Ministry and the housing arm of multinational conglomerate Tata – was agreed under the government of Mohamed Nasheed in 2011.

The combination of commercial and social housing was due to be completed within three years before stalling following disputes with the new government over the terms of the contract.

One of the four sites given to Apex for development was subsequently earmarked by the new administration as the site of a new Supreme Court, leading to reportedly heated negotiations.

“Apex Realty officials have undertaken multiple rounds of meetings with the Economic Council of the Cabinet and the Ministry of Housing to find a mutually acceptable solution to contractual issues,” read an Apex press release today.

The Apex group revealed that it had indicated its acceptance of the revised terms to the Housing Ministry.

“Apex Realty is now waiting for Ministry of Housing to enter into an amendment to the contract to record the modified terms.  Apex Realty is willing to recommence the work and finish the project in the shortest possible time.”

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