Hiyaa flat rent increased to 5,300 Rufiyaa
In a letter sent to Hiyaa flat owners, HDC announced that starting next month, the monthly rent will be set at MVR 5,300 until the total cost of the units is settled. This marks a return to the rate charged prior to the current administration's temporary reduction to MVR 3,854. Although the original agreements for the Hiyaa housing project stipulated a monthly rent of MVR 7,500, the previous MDP administration had lowered the fee to MVR 5,300 following widespread public complaints.
Hiyaa Flats. | Edition.mv | Edition.mv
The Housing Development Corporation (HDC) has notified Hiyaa flat owners that monthly rent will increase to MVR 5,300 starting next month, following changes introduced on Monday regarding finishing discounts.
In a letter sent to Hiyaa flat owners, the Housing Development Corporation (HDC) announced that starting next month, the monthly rent will be set at MVR 5,300 until the total cost of the units is settled. This marks a return to the original rate charged before the current administration reduced the rent to MVR 3,854. The corporation further noted that the remaining balance of the finishing discount will continue to be deducted monthly based on this revised rate.
The original agreements for the Hiyaa flats were established with a monthly rent of MVR 7,500. However, following widespread public complaints, the MDP administration reduced the monthly payment to MVR 5,300.
Subsequently, in fulfillment of President Muizzu's presidential pledge to reimburse the finishing costs of the Hiyaa flats, a total of MVR 200,000 was deducted from the overall price of each unit. As a result, the monthly rent for these flats was reduced to MVR 3,984.
The rent relief measure introduced by the Housing Development Corporation (HDC), which waives rent for two years, applies exclusively to tenants who have consistently paid their rent and have no outstanding arrears. Consequently, HDC will receive no rental income over the next two years from those tenants who have maintained a regular payment record for their Hiyaa flats.
With a significant portion of HDC’s revenue generated from Hiyaa flat rents, many are raising concerns that this situation will lead to a major cash flow crisis for the corporation.
Sources have informed RaajjeMV that several senior officials at the Housing Development Corporation (HDC) initially opposed the changes, citing concerns over significant financial losses to the company. However, reports indicate that the decision was finalized just ahead of the elections, acting on a direct order from President Muizzu.
Many observers are suggesting that the government’s last-minute decision to rush this process stems from a realization that securing certain constituencies in Hulhumalé would be challenging for the PNC, making it difficult to guarantee a successful outcome in the referendum.
