HDC has declared that the 20 percent discount intended to alleviate rent for flats in Hulhumalé Phase 1 will commence from February as per President Dr Muizzu's 'Week 14' pledges.
HDC has declared that the 20 percent discount intended to alleviate rent for flats in Hulhumalé Phase 1 will commence from February.
In a statement, HDC said that as per President Dr Mohamed Muizzu's 'Week 14' roadmap, housing units in Hulhumalé 1 will be given a discount of 20 percent per month on rent.
The statement from HDC specified that the discount will be applied to the installments, and this deduction will not apply to the maintenance or management fee of the flat.
This decision ensures that the 20 percent reduction will not be applied to the outstanding unpaid portion of rent.
The President has opted not only to decrease the rent but also to facilitate the payment of outstanding rent in installments. HDC had previously permitted individuals interested in this opportunity to submit their applications.
In an announcement earlier this month, the President revealed a 20 percent reduction in rent for Hulhumalé Phase 1 flats. He emphasized that the government would independently bear the cost of the 20 percent rent reduction.
President Dr Muizzu mentioned that the flats were originally rented for rates between MVR 4,000 and MVR 7,000, excluding maintenance fees. Up until now, tenants had to pay that amount.
The government has now reduced the rent for Hiyaa flats in Hulhumalé Phase 2 to MVR 3,984, excluding maintenance fees. The rent for row houses and flats on islands has also been reduced to MVR 3,330.
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