Urbanco's new MD assures reimbursement for Hiyaa Flat owners

Urbanco's new Managing Director, Fazul Rasheed, has affirmed that the owners of Hiyaa flats will be reimbursed for the expenses incurred to complete the finishing works of the flats.

Fazul's comments came in response to a newspaper report suggesting that the government would not fulfill its promise of reimbursement made during the presidential election.

“I can assure you that the owners of the Hiyaa flats will receive the money they spent on the construction of the flats, as promised by President Muizzu,” Fazul said.

During the presidential campaign, President Muizzu had committed to providing MVR 200,000 for each of the 6,720 Hiyaa flats, amounting to a total government expenditure of MVR 1.4 billion to reimburse flat owners. Some have raised questions about the feasibility of this commitment, considering the state's current economic situation.

President Muizzu had previously pledged to reduce the rent of Vinares flats in Hulhumale' Phase II and the flats constructed by government companies.