Housing Development Corporation (Urbanco) announced that the monthly payment for Hiya flats will be reduced to MVR 6,300 starting this month, and the repayment period extended by two years to 27 years in total. The maintenance fee of MVR 1,000 remains unchanged, following resident complaints and protests by the Hiya Flat Association.
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The rent was not reduced, the repayment period was extended
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The Housing Development Corporation (Urbanco) has announced that the monthly payment for Hiya flats will be reduced to MVR 6,300. The reduced payment will come into effect starting this month.
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This extension makes the total loan repayment period 27 years.
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The original repayment period was 25 years. With the extension, the loan is repayable in 27 years.
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The Managing Director of Urbanco, Ahmed Atif, added that the maintenance fee of MVR 1,000 would remain the same, even with the reduced monthly payment.
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The previous government had announced that the flat’s monthly payment would not exceed MVR 5,000.
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However, with the current rent of MVR 7,500 and maintenance fee of MVR 1,000, the total monthly due is MVR 8,500.
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However, with the current rent of MVR 7,500 and maintenance fee of MVR 1,000, the total monthly due is MVR 8,500.
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Former President Abdullah Yameen’s government built the Hiya flats, which consist of 25-story towers.
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Speaking at a news conference at the President’s Office, Akram Kamaluddin, Minister of State for Housing, stated that the government had decided to extend the deadline for the repayment of the Hiya flats, instead of reducing the rent as previously requested by the residents.
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President Ibrahim Mohamed Solih met with the Association’s senior members in March of this year to discuss the rent reduction.
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