President Dr Mohamed Muizzu has announced reductions in rental rates for the 4,000 housing units developed by Fahi Dhiriulhun Corporation (FDC) in Hulhumalé Phase II.
The announcement was made during a community meeting with residents of Hulhumalé Phase II.
Speaking at the meeting, the President said the flats are currently being handed over to recipients and that all units are expected to be completed and transferred within the next few days. He noted that the primary concerns raised by beneficiaries related to high rental rates and advance payment requirements.
Addressing these concerns, President Muizzu announced that rent for three-bedroom apartments will be reduced from USD 973 to MVR 649, while advance payments will be lowered from USD 1,621 to MVR 519. Rent for two-bedroom units will be reduced by USD 65, from USD 454 to USD 389, with the advance payment set at the equivalent of one month’s rent.
Residents also raised concerns regarding rental penalties and payment terms. In response, the President said FDC will revise and renew agreements with flat recipients. He further noted that the Bank of Maldives (BML) is offering concessions to Vinares flat recipients who have taken loans to purchase their units.
Reiterating that resolving the housing issue remains a top priority of the administration, President Muizzu said the government is introducing these concessions to ease the financial burden on residents.