Housing Development Finance Corporation (HDFC) has revealed that although President Dr Mohamed Muizzu announced the reduction of the rent of Hulhumale' phase 1 flats from next month, the Corporation has not received instructions on how to carry it out.

Speaking to One, HDFC media official Sajida Mustafa said the Corporation is yet to formally announce how to implement the decision to reduce the amount payable for the flats.

"There is no official word on how to implement it, so there are no formal rules to be followed and we will make it public as soon as we are asked to do so," Sajida said.

Sajida said that till HDFC gives a specific decision in this regard, or the Housing Ministry gives a specific statement in writing, the amount will have to be paid on the basis of the already payment.

"Until further notice from us or, till we receive a letter from the Housing Ministry, the payment will be made on the basis already paid," she said.

Sajida further said that as per the president's decision, the payment for the flat will be made and discussions are on to change the agreements signed by HDFC with the owner, but there is no definite solution yet.

The flats allotted to Hulhumale' Phase 1 during president Abdulla Yameen Abdul Gayoom's administration were allotted under an agreement with HDFC.

President Dr. Muizzu announced the decision to reduce the rent payable from Hulhumale' Phase 1 flats from next month while speaking at a campaign meeting of PNC candidate Azima Shakoor in the mayoral elections of Male' City.

President Dr. Muizzu said the government has not yet relaxed the monthly dues of the flats in the first phase, but the change will take place from next month.

"I want to announce here today that all the flats in this first phase will be reduced by 20 per cent from this next month. So we are giving this relief to the people because of the economic situation, small and medium enterprises are in a shambles. The government wants to help in this regard. The government will then manage those 20 per cent," he said.