HDC announces the commencement of Hiyaa Flats’ grace period

Housing Development Corporation (HDC) has announced the commencement of the grace period for Hiyaa Flat owners who have signed their agreements as of yesterday.

As per Section 8 (c) of Hiyaa Flat agreements – the grace period commences when water and electricity services are supplied to their respective units. In this regard, HDC said that water and electricity services have been supplied to all Hiyaa Flat towers at present.

Therefore, HDC said that the grace period will commence for the flat owners who have signed their agreements as of yesterday, starting from today – adding that the grace period will last for three months.

HDC further added that upon the expiration of the grace period – tenants will have to start paying the installment fee and the management fee as per the agreement.

Prior to this, President Ibrahim Mohamed Solih had stated that the rent will be enforced for Hiyaa Flats starting from next year. It was initially set to be enforced starting from this December - but was changed due to protests from Hiyaa Flat owners.

The monthly rent for each unit is set at MVR 7,500.