The government has announced a rent reduction for Hiyaa housing flats over a seven-year period.
President Dr. Mohamed Muizzu made the remarks during a press conference held at the President's Office on Tuesday, December 5.
President Muizzu said that the cabinet agreed on reducing the total rent value by MVR 200,000 from each unit; thereby deducting the cost incurred by the tenants on finishing the apartments.
Following the government's decision on Tuesday, tenants of Hiyaa flats will now have to pay MVR 3,900 in monthly rent.
Additionally, President Muizzu announced a 50 percent reduction in the down payment for Vinares housing and an average reduction of MVR 4,200 in monthly rent.
Besides this, the government further announced a rent reduction of the social housing units and rowhouses in local islands to MVR 3,300 per month.
The reduction of rent for Hiyaa flats and other social housing units was a significant pledge made by President Muizzu during his presidential campaign.
At Tuesday's press conference, President Muizzu also announced the waiving of fines incurred due to non-payment of rent for social housing units developed in Hulhumalé 1 and other local islands.
In addition to this, he promised to facilitate an installment plan for tenants to pay their pending monthly rents.
Reiterating his earlier promise of social housing for eligible recipients, President Muizzu affirmed that individuals with their names on any housing eligibility list published in the gazette would be awarded flats.