Deposit paid for FDC flats to be deducted from rent as initially instructed by Pres. Muizzu
This change follows a reduction in the deposit amount, with the Ministry of Construction, Housing and Infrastructure announcing on Friday night that if the initial higher deposit was already paid in full, the difference will be applied to future rent dues.
Towers built by the MDP government in Hulhumalé under a social housing scheme
The government has decided that any excess deposit paid for Gedhoruveriyaa flats, constructed under the Fahi Dhiriulhun Corporation (FDC) by the previous administration, will be deducted from future rent payments.
This change follows a reduction in the deposit amount, with the Ministry of Construction, Housing and Infrastructure announcing on Friday night that if the initial higher deposit was already paid in full, the difference will be applied to future rent dues.
The decision comes after the current administration initially set higher rents for these flats. Under President Dr. Mohamed Muizzu's administration, the monthly rent for two-bedroom apartments was increased to MVR 7,000, while three-bedroom apartments were set at MVR 9,000. In contrast, the former administration of Maldivian Democratic Party (MDP) had decided on rents of MVR 5,000 for two-bedroom flats and MVR 7,000 for three-bedroom flats, with no security deposit required.
Despite the MDP administration announcing these rates publicly on 15 November 2023, President Muizzu proceeded with an increase in rents and introduced a security deposit of MVR 25,000 for three-bedroom apartments and MVR 15,000 for two-bedroom apartments.
However, after multiple complaints and concerns from individuals allocated these flats, the president decided to reduce the rents.
The monthly rent for three-bedroom apartments, including the maintenance fee, was reduced from MVR 10,500 to MVR 10,000, and the advance payment was cut from MVR 25,000 to MVR 8,000. For two-bedroom apartments, the monthly rent, including maintenance, was reduced from MVR 8,000 to MVR 7,000, and the advance payment was lowered to MVR 6,000, equivalent to one month's rent.
As Muizzu's administration completes its second year, criticism continues to mount regarding the progress of housing projects.
Many have noted the president's inconsistent statements and frequent exaggerations related to the housing sector, with these discrepancies becoming apparent in his public meetings.
