President decides to reduce Phase I rents by 20%

The government has decided to deduct 20% of the price of flats built in the first phase of Hulhumale.

The price of flats will be changed from next month, the President said while meeting with the residents of Phase I in Hulhumale on Saturday afternoon to campaign for the ruling coalition’s mayoral candidate Azima Shukoor.

The mayoral election will be held next Saturday.

"The government has not yet relieved the monthly payment for these flats. These [fees] range from about MVR 4,000 to MVR 7,000 or more than MVR 6,000 including maintenance fees for flats in Phase I," he explained.

"I want to announce here today that all the flats in this first phase will be priced at a 20% reduction from next month," he said.

The President said the relief is given after taking into account the economic situation.

"Small and medium-sized businesses are in a very bad state. The income is very low. We are barely able to pay what we have to pay," he said.

The government will pay 20% of the deduction from the price of the flats, he said. He said most of the flats were built on foreign loans.

"We can manage [the deduction]. People don't have to worry about that”.

The President also indicated that Urbanco will look into the maintenance fee and change it in the future.

The President on Saturday announced that he has waived the penalties for non-payment of flats in Hulhumale. He urged the social housing recipients to make the accrued monthly payments in instalments.

“On behalf of Urbanco, we will arrange the agreements and pending payments for the convenience of all the people”.

Social housing flats unpaid and late penalties have been waived and the amount of future penalties for non-payment of flats has been reduced to coincide with the New Year.

Under the penalty relief, the outstanding rent amount will be paid in instalments and the continuing penalty will be just 1% of the monthly payment.

In line with president Mohammed Muizzu's promise to refund the cost of completion of Hiyaa flats, it has been decided to reduce the monthly rent to MVR 3,984.21 for seven years. A total of MVR 100,000 were deducted from the cost of the flats, while the Vinares flats at phase II were also made easier to pay for.