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Evaluation fee of MVR 3,000 for recipients of Vinares flats

Malika Shahid
03 June 2023, MVT 12:18
Vinares flats. Financial evaluation from the public category is currently underway -- Photo: Fayaaz Moosa
Malika Shahid
03 June 2023, MVT 12:18

A financial evaluation fee of MVR 3,000 has been introduced for applicants who have applied to purchase the Vinares flats.

Urbanco has stated that this fee is charged because the financial evaluation process is outsourced to banks. The evaluation work will commence once the fee is paid.

A total of 1,094 individuals from the category of unregistered in Malé City but have lived in the city for 15 years, and 267 individuals from the category of registered residents in Malé City for 15 years, have been selected. However, the exact number of flats allocated to these beneficiaries will be confirmed once flats are allocated to those who have switched from Sealife, Gulhifalhu, and Hiyaa to Vinares.

If a fee of MVR 3,000 is charged from each recipient of the flats, the party conducting the financial evaluation will receive a total of MVR 4 million.

The introduction of a financial evaluation fee had not been announced by Urbanco when applications for Vinares flats were opened.

According to Urbanco, the financial screening fee for the Vinares flats will assess the recipients' ability to pay the monthly rent. Units will be allocated based on the individual's ability to afford the rent.

Urbanco has also waived the booking fee for the Vinares flats, which were initially required to be paid by recipients. Previously, a booking fee of MVR 50,000 was imposed. However, Urbanco has informed individuals on the permanent list of Vinares flats that they can pay for the flats through long-term rent or bank loans without paying the fee.

The 10 13-storey towers in the Vinares project contain three-room apartments that are being sold at prices ranging from MVR 2.5 million to MVR 2.7 million.

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