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STELCO announce six month grace period for housing tower rent

Mohamed Rehan
21 June 2022, MVT 09:18
Housing towers developed by STELCO in Hulhumale' Phase II -- Photo: Fayaz Moosa | Mihaaru
Mohamed Rehan
21 June 2022, MVT 09:18

State Electric Company Limited (STELCO) announces a grace period of six months on the rent for its housing units. The news was confirmed by the company's Managing Director Ahmed Shareef on Sunday evening at the ceremony held to commemorate STELCO's 25th anniversary.

He stated that only a few of the company's employees are financially at sound levels to settle 20 percent of the advance payment for the flats and already, the salaries of some employees are deducted to make up for 10 percent.

STELCO decided to provide a grace period in order to ease the financial predicaments employees will face upon allocation of flats.

The company employees will be able to occupy their flats sometime during late July while rent from the flats will be charged from January 2023 onwards.