Housing Development Corporation (HDC) has said that they would not be able to reduce the rent of Hiyaa Flats, developed under the social housing scheme, despite the protests calling for a smaller rent.
Many are now in the final stages of preparations before moving into the apartments, as the corporation has been progressing with handover works. A protest led by the Hiyaa Union last evening saw participants calling to reduce the flat rents down to MVR 5,600. This is the amount that was initially set as the rent by the previous government.
Speaking to the press, Managing Director of HDC, Suhail Ahmed said that the only way to repay the loan that was taken to develop the residential towers was through the rent of all the units.
The payment for the Hiyaa Flats are set to be paid over the course of 25 years with monthly payments of MVR 7,500 along with a property management fee of MVR 1,000.
Housing Development Corporation (HDC) has previously said that the rent for the flats under the Hiyaa Housing Project will be in effect from September 2021 but the rent collection would begin from December 2021.
