# What HDFC's quarterly reports show about off-plan projects

> HDFC reports the progress of every development it finances to the capital market regulator. The June 2026 report: Bayfancy 93%, Kandoofa Residence 86%, The Rise 74%, Centreal 61%, Rain Pearl 45%, Rain Palm 37%, Kandoofa Ecoplex 13%. Several completion dates have moved by more than a year.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/hdfc-quarterly-reports-off-plan-progress
Published: 2026-10-18T07:36:44.603Z · Updated: 2026-10-18T07:36:44.603Z · Event date: 2026-10-18

As a listed issuer, Housing Development Finance Corporation (HDFC) reports every quarter to the Capital Market Development Authority. Each report includes a table of the developments where it finances buyers: the contractor, the progress and the expected completion. For an off-plan buyer it is one of the few independent records of how a building is going.

## As at 30 June 2026

| Development | Contractor | Progress | Expected completion |
|---|---|---|---|
| Bayfancy Residence | Bayfancy | 93% | December 2026 |
| Kandoofa Residence | Kandoofa Investments | 86% | August 2026 |
| The Rise | FEDO Construction | 74% | May 2027 |
| Centreal Homes (N3-55C) | Apollo Holdings | 61% | March 2027 |
| Rain Pearl | Rainbow Singhal | 45% | May 2027 |
| Rain Palm | Rainbow Construction | 37% | October 2027 |
| Kandoofa Ecoplex | Chima Construction | 13% | 2028 |

*Progress as reported to HDFC, mostly in May 2026.*

## Dates that have moved

- **The Rise:** January 2026 (end-2023 report), then August 2026 (end-2025), now **May 2027**.
- **Rain Palm:** January 2026 (end-2024), then March 2027, now **October 2027**. Its reported progress fell from 46.5% to 32% between the end-2024 and end-2025 reports before rising to 37%. HDFC does not explain the fall; it may reflect a new baseline.

## How to use this

- **Before you book,** check the latest report for your development. A slipping date means **a longer wait** and, if your grace period ends first, **payments on a home you cannot yet live in.**
- **Compare** with the developer's own progress reports. Binga follows several of these developments on its project pages.
- HDFC publishes the reports under *Investor Relations* on hdfc.com.mv.

*As published by HDFC on 18 October 2026. Rates and terms change; confirm them with HDFC before you commit. General information, not financial advice.*

## Sources
- hdfc.com.mv/api/resource-downloads/file/CMDA-2026-Q2.pdf (HDFC quarterly report to the CMDA, Q2 2026) (https://hdfc.com.mv/api/resource-downloads/file/CMDA-2026-Q2.pdf (HDFC quarterly report to the CMDA, Q2 2026))
- hdfc.com.mv/api/resource-downloads/file/CMDA-2025-Q4.pdf (HDFC quarterly report, Q4 2025) (https://hdfc.com.mv/api/resource-downloads/file/CMDA-2025-Q4.pdf (HDFC quarterly report, Q4 2025))
- hdfc.com.mv/api/resource-downloads/file/CMDA-2023-Q4.pdf (HDFC quarterly report, Q4 2023) (https://hdfc.com.mv/api/resource-downloads/file/CMDA-2023-Q4.pdf (HDFC quarterly report, Q4 2023))
- hdfc.com.mv/api/resource-downloads/file/CMDA-2024-Q4.pdf (HDFC quarterly report, Q4 2024) (https://hdfc.com.mv/api/resource-downloads/file/CMDA-2024-Q4.pdf (HDFC quarterly report, Q4 2024))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.