The government has announced that the deadline to submit proposals to construct 1000 flats in Hulhumale' under the affordable housing scheme has been extended.
In an announcement issued last month, the Ministry of Construction, Housing and Infrastructure urged Maldivian companies interested in designing and building 'Affordable Home Ownership' housing units to submit proposals by March 23.
Last night, the ministry announced that the deadline has now been extended until March 31.
The ministry said the project - focused on affordable housing, supporting infrastructure development, and improving overall quality of life - would give Maldivian real estate developers the opportunity to further develop their expertise.
Prices for flats built under this project are capped at MVR 2.3 million for three-bedroom apartments, and MVR 1.8 million for two-bedroom apartments.
The three-bedroom apartments will be 950sqft in size, while two-bedroom apartments will be 700sqft.
A minimum 70% of units in each tower should be three bed-room apartments, the ministry said. Further, parking areas for cars are also to be provided at the premises, which can be sold for a maximum of MVR 450,000.
The government has been announcing several initiatives to promote affordable housing. As such, 3,260 flats are being built through Bank of Maldives under the Inclusive National Affordable Housing (INAH) policy set in place by the MMA.
The 3,260 units are being built by five contractors, and was launched in late January. These flats are being built in Hulhumale' 1, Hulhumale' 3 and Vilimale'.
