HDC Grapples with Illegal Occupations and Financial Crisis

The Housing Development Corporation (HDC) is grappling with an increase in unauthorized occupation of its housing properties. Nearly 1,000 state-owned homes, valued at an estimated $500 million, are currently occupied illegally. Instead of evicting the squatters, HDC is trying to regularize their status if they qualify for a mortgage. However, this approach does not sit well with legitimate applicants who have been waiting for years for public housing. The corporation is also facing a severe financial crisis and is seeking a $1 billion international loan to stabilize its operations. HDC’s current debt stands at about $1.1 billion, including $600 million owed to suppliers and contractors and $300-$400 million to its pension fund. Khan, the HDC chairman, accused the previous administration of mismanagement and plans to cut expenses by deploying HDC’s in-house workers for basic maintenance tasks instead of relying on private contractors.

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