Managing Director of Fahi Dhiriulhun Corporation (FDC), Hamdhan Shakeel, has said Hiyaa flats cannot be compared with Fahi flats, amid calls to reduce rents on the latter.

His remarks come after Fahi Union urged the government to lower rents for the 4,000 Fahi flats in Hulhumale'.

Under current rates, two-bedroom units are priced at MVR 7,000 per month and three-bedroom units at MVR 10,000. The union has argued rents should be reverted to earlier levels of MVR 6,000 and MVR 8,000 respectively, including maintenance, and that down payments should also be reduced.

Responding to the remarks, Hamdhan said rents are not determined by FDC and that the flats are already heavily subsidized.

“I think the government is paying at least MVR 4 for every MVR 1 already, or more,” he said.

He added that the flats are not rented for profit, with all rental income used to service loans taken to finance construction, which are borne by the Ministry of Finance.

“Rent here is not for profit. All the money goes to the loan and the cost of building it,” he said, adding he was unaware of any ongoing discussions to revise rents. Any such decision would be taken at the executive level of the finance ministry, he said.

Hamdhan also rejected comparisons with Hiyaa flats, noting differences in how the two projects were delivered. He said Hiyaa units in Hulhumale' Phase 2 were handed over without finishing works such as doors, windows, tiles and fans, whereas Fahi flats were delivered in fully livable condition.

“When Hiyaa flats were handed over, there were no doors, windows, tiles or even fans. Fahi flats were completed and ready for living when handed over,” he said.

He added that earlier housing projects, including those developed during the administration of Maumoon Abdul Gayoom, were also delivered without full finishing, unlike the Fahi flats, which were completed with doors, lighting, paint and flooring.