Housing Development Corporation (HDC) has waived USD6,500 of rent for Hiya flats.
During a press conference, Managing Director of Housing Development Corporation (HDC) Ibrahim Fazul Rasheed said that waiving USD6,500 is in addition to the government's decision to reduce the rent. He added that with the waiver, the rent payment period will also be reduced from 27 years to 26 years.
At a recent press conference, President Dr. Mohamed Muizzu announced a reduction in rent and assured tenants that the government would cover the costs incurred for the finishing works of Hiyaa flats. The rent for Hiyaa flats will be reduced for seven years, with a deduction of USD259 from the current rent of USD344. In addition, the government will deduct USD13,000 from the average cost of finishing the Hiya flats.
During the press conference, Managing Director Fazul said that the changes will result in a reduction in the rent payment period and a USD13,000 discount for flat owners when taking into account the USD6,500 total rent reduction for seven years and the USD6,500 waiver.
As such, Fazul said that HDC is now revising the agreements in accordance with the changes. The Hiya flats are currently priced at USD146,000 but the changes will reduce the price by USD13,000. He also said that HDC will announce further changes to the Hiya flats agreements after completing the necessary evaluations. He added that the company is working to fulfill the President's pledge to waive the fines for Hiya tenants and install additional elevators in the towers.