A major reduction has been announced in monthly payments for Hiyaa, Vinares and essential housing units in outlying atolls.

President Dr. Mohamed Muizzu made this announcement while speaking at a press conference hosted on Tuesday.

The presser was held at the President’s Office following a meeting with his Cabinet of Ministers.

Speaking to press, President Muizzu reiterated his pledge to reduce rent rates for flats, rowhouses and other essential housing units in the atoll.

The newly revised rent rate is MVR 3,333.

The decision was reached following cabinet recommendation.

Currently, the average rent for these housing units is MVR 5,000.

The president went on to highlight that the government will compensate beneficiaries for the cost of finishing work on their flats and would deduct MVR 200,000, an average value, from the total payment.

Following the government’s decision, the new monthly payment from the seven-year payback arrangement will decrease from MVR 5,300 to MVR 3,984.21.

Shedding light on his commitment to reduce the monthly rent for Vinares flats as well, President Muizzu announced his administration’s decision to deduct an average of MVR 4,200 from the current monthly rent and 50 percent from the down payment.