President Dr Mohamed Muizzu announced a significant reduction in the monthly payments for Hiya, Vinares flats, and essential housing units in the atolls. He made the announcement in a press conference held at the President's office following today's Cabinet meeting.
During the press conference, the President reiterated his pledge to reduce rent rates for flats, rowhouses, and other essential housing units in the atoll. The current average rent for those housing units is MVR 5000, whereas the newly revised rent rate is MVR 3333 following cabinet consideration.
President Dr Muizzu further stated that the government would compensate them for the cost of finishing work on their flats and would deduct MVR 200,000, an average value, from the total payment. The President stated that following the government's decision, the new monthly payment from the seven-year payback arrangement will decrease from Rufiyaa 5300 to Rufiyaa 3984 and 21 laari.
The President also elaborated on his commitment to decrease the monthly rental fees for Vinares Flats and announced the Government’s decision to deduct an average of Rufiyaa 4,200 from the monthly rent and 50% from the down payment.