An additional MVR 100,000 has been waived from the total price of the Hiyaa flats built in Hulhumale' Phase II.
During the presidential campaign, President Dr. Mohamed Muizzu pledged to reduce the rents on Vinares flats and housing units in the atolls and reimburse the cost of completing the finishing works of Hiyaa flats. The president fixed the average cost for Hiyaa finishing works at MVR 200,000.
On Tuesday, President Dr. Muizzu announced a Cabinet decision to compensate Hiyaa flat recipients for the cost of finishing work on their flats and would deduct MVR 200,000, an average value, from the total payment due on the units. Following the government's decision, the new monthly payment from the seven-year payback arrangement decreased from MVR 5300 to MVR 3984.21. Therefore, Hiyaa recipients would have to pay a total of MVR 4984.21 for their units including MVR 1,000 as maintenance fee.
However, as per calculations, the initial deduction amounts to approximately MVR 110,000 instead of MVR 200,000.
On Wednesday, Urbanco's new Managing Director Fazul Rasheed told reporters that the company has decided to waive an additional MVR 100,000 to reimburse the finishing costs of the Hiyaa flats. the overall deduction now fulfills the promised MVR 200,000 with this modification. Rasheed mentioned that, in alignment with these adjustments, the agreement between Urbanco and the owners of the shelter flats will be revised, including a reduction in the lease term from 27 years to 26 years.
Originally set at MVR 7,500 during the previous government, the monthly rent for Hiyaa flats was later adjusted to MVR 5,300 during the presidential election. Instead of being a reduction in rent, the change ultimately extended the repayment period from 25 to 27 years.
Urbanco's new Managing Director Fazul Rasheed
