Muizzu Announces Reduction in Payments for Hiya, Vinares Flats, and Atoll Housing Units

MV+ News Desk | December 6, 2023
Photo: President’s Office

President Dr Mohamed Muizzu announced a reduction in the monthly payments for Hiya, Vinares flats, and essential housing units in the atolls.

He made the announcement in a press conference held at the President’s office following a Cabinet meeting, yesterday.

During the press conference, Muizzu reiterated his pledge to reduce rent rates for flats, rowhouses, and other essential housing units in the atolls. The current average rent for those housing units is MVR 5000, whereas the newly revised rent rate is MVR 3333 following cabinet consideration.

Muizzu further stated that the government would compensate the residents for the cost of finishing work on their flats and would deduct MVR 200,000, an average value, from the total payment. Muizzu stated that following the government’s decision, the new monthly payment from the seven-year payback arrangement will decrease from MVR 5300 to MVR 3984.21.

Muizzu also elaborated on his commitment to decrease the monthly rental fees for Vinares Flats and announced the Government’s decision to deduct an average of MVR 4200 from the monthly rent and 50% from the down payment.

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