- Flats given to 148 applicants
- Lots will be drawn tomorrow
- Monthly rent payments reduced significantly
HDC says the flats constructed in Gaakoshi and Arabiyya by Tata, will be now be sold at a maximum price of MVR 2 million and that the payments have been split over a period.
The Rehendhi flats that went on sale recently, went on sale for four to five million.
HDC Director Finance Ali Shareef today said the pricing for Tata flats were set after reviewing market rates and affordable rates. He said the company was trying to ensure the prices did not go above the MVR 2 million mark.
"Right now we want to ensure the price of flats do not go above 2 million, we're discussing with banks to arrange for loans for public," Ali said.
Housing Ministry had forwarded the list of eligible applicants to HDC. HDC said they had received a list of 148 applicants. HDC adds they will hold lots tomorrow to determine which applicant will receive the flat. They also said following this, a meeting will be held on the 13th of this month with representatives from Banks and Pension Fund, to arrange easy payment options.
Ali said the successful applicants will be awarded letters stating they had been given flats. Once they submit the letters to the Banks, they will be reviewed and housing loans will be granted to the applicants. The applicants will be granted loans at 9-10 percent interest rates and payable over a 20 year period.
Previously, as the Government had to payback the MVR 278 million for the flats in Arabiyyaa and Gaakoshi, the Ministry had stated that flats will be released to applicants who can pay MVR 2 million over a period of five years, which amounts to MVR 33,000.
If the pricing does not change, and is payable over a period of 20 years, then the flats would sell for between MVR 7,000 and MVR 15,000 per month.
Tata Housing Flats project was managed by the Housing Ministry. Housing Ministry assigned HDC to oversee the sale of the flats.