Total rent and maintenance fees for Hiyaa Flats set at MVR 8,500
Tenants moving into Hiyaa Flats will receive a three-month moratorium on rent payments
Families will be moving into 6,720 apartments under the housing scheme, with some 2,000 residents expected for each tower
Housing Development Corporation (HDC) has revealed that tenants moving into Hiyaa flats built in Hulhumale' Phase II will not be required to pay down payments, in addition to receiving an initial rent moratorium of three months.
Citizens receiving Hiyaa Flats will have to pay MVR 7,500 for a period of 25 years to cover the total payment. Tenants moving into the newly-built Hiyaa Flats will also be required to pay a flat maintenance fee of MVR 1,000. HDC has revealed that the government will be giving flat recipients a three-month moratorium on all rent payments following the signing of agreements as well.
Minister of National Planning, Housing and Infrastructure Mohamed Aslam had earlier assured that the rent for Hiyaa Flats will not increase beyond MVR 7,500. Minister Aslam had stated that tenants were given the option to expend down payments as a means of having the rent price be decreased in the long-term.
In an announcement on Wednesday night, HDC revealed that tenants would not be required to pay down payments for Hiyaa Flats. However, the announcement noted that arrangements would be made for those flat recipients who wished to pay down payments after signing the initial agreement.
HDC states that those tenants who pay down payments for Hiyaa Flats would have that amount deducted from their total payment, resulting in a smaller monthly rent for apartments issued under the scheme.
