Security deposit for Fahi flats to be adjusted against rent

Housing Ministry has decided to adjust the security deposit paid for the 4,000 Fahi flats in Hulhumale' Phase 2 against future rent, following a reduction in both rent and deposit requirements effective from today.

The 32 residential towers, developed by Fahi Dhiriulhun Corporation (FDC), include two-bedroom and three-bedroom flats. Previously, tenants were required to pay a security deposit of MVR 15,000 for two-bedroom units and MVR 25,000 for three-bedroom units before keys were handed over.

Following public concerns over affordability, raised during meetings between President Dr Mohamed Muizzu and residents of Male' neighborhoods, the government has revised the payment structure.

Housing Ministry said that tenants who paid MVR 25,000 as a security deposit for three-bedroom flats will have MVR 8,500 deducted, with the remaining balance adjusted against upcoming monthly rent payments. Similarly, those who paid MVR 15,000 for two-bedroom flats will have MVR 6,000 deducted, with the remaining amount offset against future rent.

With the revision, the monthly rent for two-bedroom flats has been reduced from MVR 7,000 to MVR 6,000. Including the MVR 1,000 maintenance fee, the total monthly payment is now MVR 7,000. Previously, tenants paid MVR 8,000 per month, including maintenance.

For three-bedroom flats, the rent has been reduced from MVR 9,000 to MVR 8,500. With the maintenance fee remaining unchanged at MVR 1,000, the total monthly payment is now MVR 10,000, down from MVR 10,500.

The Housing Ministry said that new tenancy agreements will be signed to reflect the revised rent and deposit structure.

Earlier under the current administration, rent for Hiyaa flats was also significantly reduced. President Muizzu has additionally pledged MVR 200,000 per flat for finishing works at Hiyaa housing flats.