Hiyaa monthly rent cut to MVR 3,984

President Dr. Mohamed Muizzu has announced the decision to discount MVR 200,000 from the payment for the Hiyaa flats, which will reduce the monthly rent for the next seven years to MVR 3,984.

The Hiyaa Housing Project in Hulhumale’ had been run back when President Muizzu had served as Housing Minister. During his presidential campaign, President Muizzu pledged to reimburse Hiyaa tenants for the expenses they incurred to get the finishing works done, including installing doors, fans, and other fixtures and fittings.

At a press conference on Tuesday evening, President Muizzu noted that under the lease agreement, Hiyaa tenants are currently required to pay a monthly rent of MVR 5,300.

He said that the cabinet had decided to discount MVR 200,000 from the total lease payment, which will reduce the monthly rent to MVR 3,984.21.

“Without changing the payment period, we have effectively cut MVR 200,000 from the cost of each flat,” he said.

President Muizzu said he had discussed it with the Finance Ministry and other relevant authorities, and that the state has the capacity to discount the lease.

Hiyaa tenants were initially charged a monthly rent of MVR 8,500, including a maintenance fee. But in May, the monthly rent was reduced to MVR 6,300 for the next seven years.

The Housing Ministry said at the time that it wasn’t a lease reduction, but that the lease period was being extended from 25 to 27 years.

MAJOR REDUCTION IN RENT FOR VINARES, FLATS IN ATOLLS

President Muizzu announced that he has decided to cap the monthly rent for social housing units in the atolls at MVR 3,333 – noting that the rent for some of the flats was now upwards of MVR 5,000.

He said that the rent of housing units that are currently lower than MVR 3,333 will remain the same.

President Muizzu also announced that the downpayment for Vinares flats has been cut by 50 percent, which will result in an average MVR 4,500 discount in the monthly rent.