Housing Development Corporation (HDC) has decied to cut MVR 4,200 from the rent of Vinares flats today, in accordance with the pledge made by President Dr. Mohamed Muizzu in December.
In a statement made by HDC, they said interest rates have been lowered from nine percent to six percent, and MVR 4,200 will be cut from the rent value. With this change, the rental value of the flats from Vinares drops between MVR 9,000 -MVR 13,000.
HDC made this change amidst petitions submitted by residents to the President’s Office, requesting the rental value to be dropped to MVR 10,000.
The company said this change will benefit the people that paid the sale value of the property upfront, or with the aid of banks. The average amount paid for bank loans would be reduced by MVR 4,200, HDC said, and added that they will offer discounts on the cost of the flat in a way that will be reduced on an average.
HDC said that those who paid the price at one go with their own money will be given the same discount on the cost of the flat as well.
The company said they are working on ways to allow for cashback to the owners who paid the property sale value up front, once the discount goes into effect. HDC said that 50 percent of the down payment amount has been deducted from the price and those who had paid the price earlier will receive the amount for the discount.
As a result of the new change, the company is in the process of revising the agreements.
The Vinares Flats are ten 13-storey towers with 1,344 flats. The three-room apartments in Vinares are being sold at prices ranging from MVR 2.5 million to MVR 2.7 million.
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