HDC Raises Hiyaa Rent to MVR 5,300, Introduces Two-Year Waiver

The Housing Development Corporation (HDC) has announced that the monthly rent for Hiyaa flats will be set at MVR 5,300, with a new arrangement allowing residents a temporary waiver through a government‑pledged discount.

In a letter sent to flat owners, HDC stated that the revised rent will take effect from next month and remain until the full outstanding cost of each flat is settled.

The Hiyaa rental structure has undergone multiple revisions. Rent was originally set at MVR 8,500 under the previous administration and was later reduced to MVR 5,300 during the presidential election year. The current government had initially pledged MVR 200,000 per flat for finishing costs, but this was subsequently applied to cover residents’ rent over seven years.

According to the corporation, under the new system, outstanding rent will be deducted from a MVR 200,000 finishing‑cost discount allocated to each flat. Residents whose pending rent is fully covered by this discount will not be required to pay the monthly MVR 5,300 until the discounted amount has been fully utilised. Management fees will continue to apply during this period.

HDC stated that the monthly rent will revert to MVR 5,300 once the MVR 200,000 discount has been fully applied. HDC also confirmed that tenancy agreements will be amended to reflect the new arrangement.