The government has lowered the rent for the Hiya Flats built in Phase II of Hulhumale'.
The government announced today that the rent of the Hiya flats has been lowered to MVR 5,300 starting this month. The announcement was made at a news conference held today at the President's Office in which officials from the Housing Ministry and Urbanco (formerly known as HDC) were present to give information about the change.
At the news conference, Officials from the Ministry and Urbanco said that the change does not mean the rent for the flats has been reduced but that the leasing loan period has now been extended from 25 to 27 with the change.
They said that this would provide financial relief to the tenants of the Hiya flats.
Speaking more on the matter, State Minister at the Housing Ministry Akram Abdullah Kamaaludheen said that this change was not related to the Presidential election campaign and that lowering the rent of the flats has been a hot topic even since tenants first moved into the flats. He added that this change was brought on after listening to complaints from many tenants.
With the change, the tenants have to pay MVR 5,300 as rent and another MVR 1,000 as a maintenance fee. This change would only be effective for 7 years and would revert back once the 7 years are over.
The 16 towers of Hiya flats with 25 floors on each tower was initially leased for MVR 8,500.
