Govt reduces rent and down payments for Gedhoruveriya flats
President Muizzu said the government had decided to revise the rent and down payment structure following these concerns.
The government has decided to reduce the monthly rent for around 4,000 housing units under the Gedhoruveriya scheme, President Mohamed Muizzu announced on Thursday.
The president made the announcement during a series of meetings with residents of Malé, including a meeting with residents of Hulhumalé Phase II held on Thursday evening. During the meeting, residents raised concerns about the level of rent and down payment set for the flats. Some residents also requested that rent levels be aligned with those charged for shelter flats.
President Muizzu said the government had decided to revise the rent and down payment structure following these concerns.
Under the revised arrangement, the total monthly rent for three-bedroom flats, including maintenance fees, will be reduced from MVR 10,500 to MVR 10,000. The down payment for three-bedroom flats will be reduced from MVR 25,000 to MVR 8,000.
For two-bedroom flats, the total monthly rent, including maintenance fees, will be reduced from MVR 7,000 to MVR 6,000. The down payment for these units will be equivalent to one month’s rent.
The president said Fahi Dhiriulhun Corporation (FDC) will revise and renew existing agreements in line with the changes.
Rental prices for the Gedhoruveriya flats were first announced on 15 November 2023, during the final week of the previous administration. At that time, the monthly rent for a three-bedroom flat was set at MVR 7,000, with an additional MVR 1,000 charged as a maintenance fee. Two-bedroom flats were priced at MVR 5,000 per month, with a maintenance fee of MVR 1,000.
In February, Minister of Housing Dr Abdulla Muththalib said the rent structure under the scheme had been revised, stating that the previously announced prices were not suitable.
