The Spokesperson at the President’s Office, Mohamed Mabrook Azeez, on Thursday, met the local media and revealed details and pricing strategies of the government’s housing projects. Ahmed Shaam, the Chief Financial Officer (CFO) of Housing Development Corporation (HDC), joined him at the press conference.

Speaking to the media, broadcast live from the President’s Office, Mabrook highlighted that the government’s housing policy had gathered steam in earnest over the past week, with the introduction of “Gedhoruveriya” loans and “Gedhoruveriya Flats” housing schemes. Recalling the President’s earlier announcement that the budget for regional housing development projects in 2022 would be earmarked at MVR 1.5 billion, Mabrook reiterated that the government had prioritised decentralised housing policies to ensure that every citizen on every island can easily secure practical and affordable housing finance options.

The CFO of HDC shed further light on the pricing strategies employed to calculate the equated monthly instalment (EMI) for each housing unit. He presented precise calculations for the 7,000 residential housing units developed under the “Hiya” housing scheme. He revealed that the government had decided only to include the cost of construction and interest incurred during the construction phase in the total payable by tenants. Previous calculations included finishing costs, land costs, project management costs, and marketing and administration costs. Further, the government decided to lower the interest rate to a rate equivalent to or lower than the interest rate of loans borrowed for the project.

Following the presentation, Mabrook and Shaam answered questions posed by the media members present the press conference.