News

HDC assures reimbursement for Hiyaa flat finishing works

Managing Director of Housing Development Corporation (HDC) Ibrahim Fazul Rasheed has confirmed that owners of the Hiyaa flats developed in Hulhumale' Phase II will be reimbursed for the expenses incurred to complete the finishing works of the flats.

During the presidential election campaign, President Dr. Mohamed Muizzu stated that when the government changed in 2018, the necessary loan for the finishing work of the Hiyaa flats had been arranged. However, he noted that the flats were handed over to the public without completing the finishing works, and he pledged to provide fair compensation for their completion.

Responding to media reports suggesting that the government might not fulfill its reimbursement pledge made during the presidential election, Fazul reassured that Hiyaa flat owners will receive the funds spent on the construction of the Hiyaa flats, as pledged by President Muizzu and dismissed rumors suggesting otherwise.

Although President Muizzu did not specify the reimbursement amount, he expressed his commitment to compensating people for the financial difficulties caused by the early handover of the flats. In addition, he pledged to reduce the rent of Hiyaa flats, waive penalties, and install elevators in the flats. The inclusion of additional elevators in next year's budget has also been confirmed.

The rent for Hiyaa flats had been reduced towards the end of the previous administration's term. Monthly repayment amounts were adjusted after extending the repayment period from 25 to 27 years. To cover the rent reduction, USD7.6 million has been allocated in next year's budget.