Fahi Flat rent and down payment reduced

President Dr. Mohamed Muizzu has announced that the decision has been made to reduce the rent and down payments of the flats being given out in Hulhumale' under the former administration's 4,000 flat project.

There are two-room flats and three-room flats within the 32 towers built by Fahi Dhiriulhun Corporation (FDC) in Hulhumale' Phase 2. Along with the maintenance fee, the two-room flats are to be rented for MVR 8,000 per month, with three-room flats to be rented for MVR 10,500 per month with the maintenance fee as well.

There is a down payment of MVR 15,000 for the two-room flats and a down payment of MVR 25,000 for the three-room flats, with the keys to the flats handed over once the payment has been made. Some people have repeatedly highlighted to President Muizzu during community meetings that this payment is too high.

During last night's community meeting with Hulhumale' residents, the President stated that there will be concessions to the Fahi Flat rent rates, with the three-room flat rent rate to be reduced to MVR 10,000 per month, along with the advance payment to be reduced to MVR 8,000.

The two-room flat rent rate is to be reduced to MVR 7,000 per month, along with the advance payment to be reduced to MVR 7,000, stated the President. President Muizzu also said that the new agreements will be made with these changes in mind.

Setting aside MVR 200,000 for each flat for the finishing touches of the Hiyaa Flats is a presidential pledge of President Muizzu's. He stated last night that arrangements will be made as such in line with his pledge. During last night's community meeting, residents had highlighted that splitting the said amount and adding it into the total payable for the flats is much like a mounting debt to those who received the flats.

"As I have stated, I will do everything I can to reduce the MVR 200,000," said President Muizzu.

As per the President, the rent for the Hiyaa Flat has been set up so that it increases after a certain number of years, with him not agreeing with that system. He also said that he would address and bring about solutions for the concerns regarding the monthly payments and the total payable for the flat.

President Muizzu went on to say that Bank of Maldives (BML) is working to bring about loan concessions for the flats, along with reducing the rent rates to previous amounts which was done in the past by the current government. The President gave his assurance that the government will hold discussions with Maldives Islamic Bank (MIB) regarding loan concessions for MIB customers when it comes to purchasing flats.