President Dr. Mohamed Muizzu has decided to decrease the rent of all social housing flats in Hulhumalé 1 by 20 percent starting from February.
Speaking at a campaign meeting with residents of Hulhumalé 1 for former Attorney General Aishath Azima Shakoor, who is contesting for the post of Malé City Mayor, President Muizzu said Hulhumalé was developed to address the housing problems in Malé City.
"The government has not yet reduced the monthly rent of the flats in Phase 1. Currently, around MVR 4,000 to MVR 7,000, or MVR 6,000 with maintenance fees, are being paid for these flats," President Muizzu said.
"I would like to announce today that the rent for all flats in Phase 1 will be reduced by 20 percent starting next month."
The decision was made to enhance housing affordability, he said.
"We are providing this relief to the people due to the economic situation. Small and medium enterprises are very weak, and income is very low. Repayments have become very difficult. The decision was made as the government wants to help in this regard".
He mentioned that the social housing flats constructed in Phase 1 were loan-based projects, and the government would be managing the 20 percent reduction from the rent.
The President assured the people that they should not worry about the loan not being repaid.
Urbanco will handle the maintenance fees, and the fees for flats maintained by the Housing Ministry will be jointly resolved by Urbanco and the government, he said.
"For the time being, I cannot specify the exact amount that will be reduced. That's because the calculations are yet to be done. Either way, there will be a 20 percent price reduction in Phase 1 flats starting next month," President Muizzu said.
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