Govt waives Hiyaa flat rent for 2 years

The government has decided to waive rent for Hiyaa flats for a period of approximately two years.

The Housing Development Corporation has begun issuing letters to flat owners informing them of the decision. The letters are signed by Managing Director Ali Zuhair.

According to the letter, the measure is part of efforts to implement a pledge to provide MVR 200,000 to cover finishing costs of the flats.

In December 2023, MVR 100,000 was deducted from the total price of the flats. It was also announced that the remaining MVR 100,000 would be applied through a reduction in monthly rent to MVR 3,984.21 over seven years.

Residents later raised concerns regarding the implementation of the pledge during a meeting with President Dr Mohamed Muizzu. The President stated that further measures would be taken.

The letter states that MVR 135,714 of the total MVR 200,000 remains to be applied.

For owners with outstanding rent payments, unpaid amounts will be deducted from the remaining balance.

For those who have been paying rent, a rent-free period will be granted from 1 April 2026 to 1 May 2028.

Tenants are required to continue paying the monthly management fee during this period.

The letter states that once the full MVR 200,000 has been applied, the monthly rent will return to MVR 5,300, excluding the management fee, until the cost of the flat is settled.

The Housing Development Corporation has not issued a public statement on the matter.