The government of the Maldives has extended the monthly rent payment period and reduced the rent payment for Hiyaa flats to USD408, including the maintenance fee from May onwards, for a period of seven years. Previously, the rent for the flats was USD551.
Speaking at a news conference at the President's Office, Minister of State for National Planning, Housing and Infrastructure Akram Kamaluddin said that the government decided to extend the rent payment period of Hiyaa flats to facilitate the residents in paying rent on time. As such, the lease term has been extended to seven years with a monthly payment of USD343 without the maintenance fee.
Meanwhile, the Managing Director of Urbanco Ahmed Athif said the flats had a rental payment of USD648 based on construction costs, project management costs, supplementary and administrative costs, land value, and loan installments. He, however, said the agreement to charge USD486 as rent was made only to cover the construction cost. In addition, he said the residents of the flats were given seven months to complete the finishing of the flats without paying rent. He also said that the reduction in rent is to help pay off loans many residents have taken to complete the finishing work of the flats.
The government stated that Hiyaa flats were unfinished when the building was open for tenants. Therefore, most of the finishing work of the flats had to be done by the tenants themselves.