Male' City Council says three months is not enough to complete the finishing work of the housing units leased from the Hiya flats built in Phase II of Hulhumale'.
Mayor of Male' City Dr. Mohamed Muizzu said that applicants who received the housing units under the Hiya Scheme have to pay for the finishing work on the flats from their own pockets and that only a few can complete the work within 3 months.
He said many from the public wish that the government would grant them 9 months to complete the finishing work on these housing units.
The Mayor said that the city Council had brought this to the attention of the President's Office and Hulhumale' Development Corporation which is overseeing the construction of the flats.
Last week, the Chief Financial Officer (CFO) of HDC Ahmed Shaam had shed further light on the pricing strategies employed to calculate the equated monthly installment (EMI) for each housing unit.
Appearing at a press conference held by the President's Office, he presented precise calculations for the 7,000 residential housing units developed under the “Hiya” housing scheme.
He revealed that the government had decided only to include the cost of construction and interest incurred during the construction phase in the total payable by tenants. Previous calculations included finishing costs, land costs, project management costs, and marketing and administration costs.
Additionally, the government decided to lower the interest rate to a rate equivalent to or lower than the interest rate of loans borrowed for the project.
