Housing Development Corporation (HDC) will begin counting the grace period for Hiyaa flat rent payments from October 1.
As per the flat agreements, if electricity and water is not connected to any of the Hiyaa towers, the grace period will commence after electricity and water is supplied to the flats. The services have now been provided to all 16 towers.
Therefore, the grace period will commence for all flat owners who have signed the flat agreements as of September 30, from October 1, said HDC. While no rent will be collected for three months, rent collection will begin in January after the grace period expires, said HDC.
Over 5,000 flat recipients have signed the flat agreements to date. Signing is still ongoing for those who swapped their flats. While finishing work is still ongoing in majority of apartments, over 60 families have already moved in to their new homes.
The monthly rent of Hiyaa flat units is MVR 8,500, with a maintenance fee of MVR 1,000 included.