Gedhoruveriya flat deposits to be adjusted against future rent

The Housing Ministry has said that security deposits already paid for flats under the Gedhoruveriya scheme will be adjusted against future rent payments following the government’s decision to revise rent and deposit amounts.

The revised rent and security deposit structure applies to 4,000 flats developed under the Gedhoruveriya housing scheme launched by the previous administration. Under the new rates, the total monthly rent for three-bedroom flats, including maintenance fees, has been set at MVR 10,000, reduced from MVR 11,500. The security deposit for these flats has been lowered from MVR 25,000 to MVR 8,500.

For two-bedroom flats, the total monthly rent, including maintenance fees, has been reduced from MVR 8,000 to MVR 7,000. The security deposit for these units has been lowered from MVR 15,000 to MVR 6,000.

The Housing Ministry said some residents had already paid the higher security deposits before the revision. It said the excess amount paid will be deducted from their monthly rent.

According to the ministry, residents of two-bedroom flats who paid a deposit of MVR 15,000 will have MVR 6,000 retained as the security deposit, with the remaining amount offset against rent payments in the coming months. For three-bedroom flats, MVR 8,500 will be retained as the revised deposit from the MVR 25,000 paid earlier, with the balance deducted from future rent.

The decision to reduce rent and security deposits was announced by President Mohamed Muizzu during a meeting with residents of Hulhumalé Phase II on Thursday.