The monthly rent for the flats under the former administration’s ‘Hiyaa’ shelter project will average at MVR 11,000.
The Housing Development Corporation (HDC) revealed this at a press conference held at the President’s Office on Tuesday.
There, HDC’s deputy managing director Ahmed Athif said that the total cost of a two-bedroom flat is USD 82,496.
Noting that this is exceptionally high compared to the current market and industry rates, Athif said that discussions are being held to resolve the matter before being presented to the public.
“By the time it reaches the public, we expect the average rate to be MVR 11,000”
The ‘Hiyaa’ project was marketed and initially launched to provide 7,000 housing units being developed at the reclaimed ‘Phase 2’ area in Hulhumalé, the capital city’s urban extension.
While this has since been reduced to 6,850 flats, HDC said that the reason for this is because of the decision to set up commercial areas on the ground floor.
Speaking at the press conference, HDC’s managing director Suhail Ahmed noted that all 7,000 units will have two bedrooms. The 700 square-feet unit will also have separate bathrooms for both rooms, with the kitchen hall and dining room located together.
Suhail added that the reason for the additional cost is because of some “finishing work.”
While this work will cost an additional USD 42 million, Suhail said that it will take “another three months to finish.”
Noting that the project will be completed early next year, Suhail assured that the flats will be distributed by March.