Former President Solih Pledges to Roll Back Flat Rent Hike if MDP Returns to Power

MV+ News Desk | July 27, 2025
Former President Ibrahim Mohamed Solih visits construction site of housing units by FDC in Hulhumalé. | President’s office.

Former President Ibrahim Mohamed Solih has vowed to restore the original rental prices of the 4,000 newly built flats in Hulhumalé Phase 2 if his party, the Maldivian Democratic Party (MDP), returns to power.
In a statement, Solih criticised the current administration’s decision to increase the monthly rent announced during his presidency, describing it as “a bad decision” that would erode public trust. “Altering decisions that affect the general public, as determined by the state, would erode the public’s trust in the government. Thus, we call on the government to maintain the rent at the previously established rate,” he said.

Under Solih’s administration, the rent for a two-room apartment was set at MVR 5,000 and a three-room apartment at MVR 7,000. However, the project’s management company, Fahi Dhiriulhun Corporation (FDC), has since revised the prices. The new rates are MVR 7,000 plus MVR 1,000 maintenance fee (totaling MVR 8,000) for two-room flats, and MVR 9,000 plus MVR 1,500 maintenance fee (totaling MVR 10,500) for three-room flats.

FDC last week announced that tenants will receive rental subsidies if they pay their rent on time. According to the new scheme:

  • Paid between the 11th and 16th: 75% subsidy;  

Two room rent with maintenance: MVR 8,500

Three room rent with maintenance: MVR 11,500

  • Paid between the 17th and 21st: 50% subsidy;

Two room rent with maintenance: MVR 9,000

Three room rent with maintenance: MVR 12,500

  • Paid between the 22nd and 26th: 25% subsidy;

Two room rent with maintenance: MVR 10,500

Three room rent with maintenance: MVR 13,500

  • Paid after the 26th: no subsidy; 

Two room rent with maintenance: MVR 12,000

Three room rent with maintenance: MVR 14,500

In addition to the rent hike, Solih noted that his administration had planned a grace period of three months before starting rent payments, acknowledging that new tenants would need time to purchase furniture and household items. He also said there were no advance payments planned, while the current government has decided to collect MVR 25,000 upfront from each tenant.

FDC began signing lease agreements with tenants last week, prioritising towers that are already complete. The apartments are offered under a 25-year lease-to-own model, after which residents will gain full ownership.

The construction of the 4,000 flats began under former President Solih’s administration with a $227 million (MVR 4.2 billion) loan from the Exim Bank of India. The project was divided equally between India’s National Buildings Construction Corporation (NBCC) and Kalpataru Projects International Limited (KPIL). The completed flats were officially handed over by Indian Prime Minister Narendra Modi during his two-day state visit to the Maldives, which concluded yesterday.

Meanwhile, the government has also reversed some housing policy changes. The rule requiring spouses of Binveriyaa land recipients to give up land if they applied for a flat under the Gedhoruveriya housing scheme has been cancelled. Although plots were allocated in areas like Hulhumalé Phase III, Gulhifalhu, and Giraavaru Falhu, some land has yet to be reclaimed, and it may take years before homes can be built.

The Gedhoruveriya scheme’s beneficiary list, finalised by the previous administration, was reviewed by President Dr Mohamed Muizzu’s government, which identified 1,820 eligible recipients. The government has decided to revert to the original list while removing only those who fail eligibility checks—such as people who already own private homes larger than 600 square feet, or who have benefited from previous government housing schemes.

The Ministry confirmed it has begun notifying ineligible applicants individually and will not issue a new list.

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