The monthly rent of Hiyaa Flats has been reduced to MVR 3,984 after deducting MVR 200,000 for the finishing costs of the flats.

Speaking to reporters after the ministerial meeting today, the President said that the cost of finishing the hiyaa flats will be reimbursed to the owners by deducting MVR 200,000 from the price of the flats.

"Now we are paying MVR 5,300. For the next seven years, we will have to pay MVR 3,984 per month. The price of the hiyaa flats will be reduced to MVR 3,984 for the next seven years," he said.

During the last presidential election campaign, President Muizzu promised to pay MVR 200,000 as compensation to the owners of the flats for the finishing work.

The President has also reduced the monthly rent for rowhouses, flats and residential housing units built in rural areas. He reduced the price to MVR 3,330.

The President also decided to reduce the down payment of vinares flats by 50 percent and deduct an average of MVR 4,200 from the monthly rent.