Hiyaa flat rent slashed by MVR 4,000 for 7 years

The monthly rent of the Hiyaa flats developed in the second phase of Hulhumale will be reduced to MVR 3,984.21 for next seven years, President Mohamed Muizzu announced Tuesday.

During the presidential campaign, President Muizzu promised to give MVR 200,000 to each of the Hiyaa flat recipients as compensation for the money spent on the interior and finishing works of the flats.

The cabinet meeting held at the President's Office on Tuesday decided to offset the pledged MVR 200,000 from the total price of the flats by deducting an equal sum from the monthly rental payment. 

The president said:

"The existing agreement has been revised, but the term has not been changed. We are effectively deducting MVR 200,000 from each flat. That relief will be given," he said.

Once the Hiyaa project was completed, the previous government had in 2021 fixed the rent at MVR 8,500 per month including maintenance fee. Muizzu, who initiated the project when he served as the housing minister under President Abdulla Yameen from 2013-2018, rejected the rent at the time too. 

The government reduced the rent to MVR 6,300 inclusive of maintenance fee in May 2022 due to complaints of high rents.

In keeping with his election campaign promise to reduce the rent of Vinares flats built in the second phase of Hulhumale, the president said that the downpayment of these flats will be reduced by 50% and the monthly payment will be reduced by an average of MVR 4,200.

"Different people are paying different amounts every month depending on the down payment. The average amount will be reduced by MVR 4,200. A formula has been developed. According to the formula, an average of MVR 4,200 will be deducted from the monthly rent," he said.