Flat ownership after rent completion, minister says
He explained that the 4,000 flats will be allocated under agreements lasting 25 years.
Housing Minister Dr Abdulla Muththalib has stated that recipients of 4,000 flats currently under development by Fahi Dhiriulhun Corporation in Hulhumalé will be granted ownership after completing a fixed rental payment period.
Speaking on a programme broadcast by Public Service Media (PSM) radio, the minister said the proposed change is aimed at addressing long-standing issues related to non-payment of rent in social housing schemes.
Dr Muththalib said the framework for this change would be introduced through the Housing Bill currently under consideration in Parliament. The new policy would revise current allocation rules to offer a more structured approach.
"One method is to provide the flats through mortgage financing. Another is to allow tenants to gain ownership after paying rent over a set period," he said.
He explained that the 4,000 flats will be allocated under agreements lasting 25 years. Upon completion of the agreed rental period, ownership of the units would be transferred to the residents.
Dr Muththalib said the government expects this approach to help resolve the issue of rent defaults. He noted that the state has not received over MVR 700 million in unpaid rent from flats allocated under previous social housing projects.
