HDC has confirmed that it is now accepting payments at the reduced rate, even if the agreements are not yet renewed.
Housing Development Corporation (HDC) has deducted MVR 4,200 from the current rental rate of Vinares flats developed in Hulhumalé second phase and has commenced accepting the deducted amount even if the agreement is not renewed, according to HDC.
President Dr. Mohamed Muizzu announced a rent reduction this month, fulfilling the pledge he made last December. Following this adjustment, the rent for Vinares flats will be reduced to between MVR 9,000 and MVR 13,000. However, HDC clarified this to the public on Thursday.
Despite the announcement, some individuals who paid rent for Vinares flats to HDC this month took to social media, expressing concerns that the rent had not been reduced. They noted that they were still being charged according to the previous rates, and according to some tenants, HDC stated that rent at reduced rates would start only after agreement renewal.
In response to the public's confusion regarding Vinares flat rents, an HDC official informed Mihaaru News that if the system shows the change, the rent will be automatically adjusted even if no new agreement is in place, deducting the revised amount. However, system update is pending and is anticipated to be completed by Sunday, the official said.
HDC's announcement outlined that individuals who have acquired Vinares flats through bank loans or one-time payments with private funds will also benefit from disclosed concessions. The average amount paid for bank loans is MVR 4,200, and the company stated it will apply discounts to the cost of flats.
Those making a one-time payment with personal funds will receive an equivalent discount on the flat's cost.
A petition has been submitted to the President on behalf of the flat recipients, urging a reduction in the monthly rent for Vinares flats to MVR 10,000.
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