President says down payment for Gedhoruveriya flats to be eased
Keys to some of the 4,000 housing units built under the project have already been handed over to recipients.
Top Stories
President Mohamed Muizzu said on Tuesday that the down payment required for flats under the Gedhoruveriya housing scheme will be reviewed and eased.
The President made the remarks after concerns were raised by applicants over the MVR 25,000 down payment required for flats developed by the Fahi Dhiriulhun Corporation (FDC) in Hulhumalé. Keys to some of the 4,000 housing units built under the project have already been handed over to recipients.
Under the current arrangement, tenants are required to pay the down payment before receiving the keys to the flats. The FDC has also set rental rates that include monthly rent and maintenance charges. Applicants and housing advocates have called on the government to reduce both the rent and the down payment.
Responding to the concerns, President Muizzu said the issue would be reviewed and discussed, and that changes would be introduced.
He also said work on unfinished units is nearing completion and that efforts are underway to complete the remaining work within the next week. According to the President, the flats are expected to be accessible within this month.
The housing units are being constructed by two Indian companies, and handover will take place after internal works are completed.
Under the current rental structure set by the FDC, a two-bedroom apartment is rented at MVR 7,000 per month, with an additional MVR 1,000 charged for maintenance and a down payment of MVR 15,000. A three-bedroom apartment carries a monthly rent of MVR 9,000, a maintenance charge of MVR 1,500, and a down payment of MVR 25,000.
