Hiyaa Flat residents to only pay monthly fee of MVR 6300

15 May 2023

 Hiyaa Flat residents to only pay monthly fee of MVR 6300

UrbanCo has announced the reduction of the Hiyaa Flat rental fee from MVR 7500 to 5500 for the next seven years. In a statement made early this Thursday, UrbanCo expressed that this change was made after considering several factors.


UrbanCo reiterated that it has been brought to the company's attention that residents of Hiyaa Flat have had to spend large amounts of funds on finishing works and other purposes. It is therefore due to most residents having to pay back loans for these expenditures and more, that it has become unfeasible to keep paying the monthly rent of MVR 7500. 
The statement further stated that the government has been in discussions with UrbanCo and other relevant authorities to seek a solution to this issue. It was back in 2021 when the calculated rent for each unit reached MVR 10,000 after taking into account the cost of construction, land use, project management supplementary expenses as well as logistical costs. 
Justifying that it is not a feasible option for public housing units to pay MVR 10,000, the government then subsidized MVR 3.7 billion of the expenses (MVR 500,000 per unit) and finalized rent at MVR 7500. This does not include the mandatory maintenance fee of MVR 1000.

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Source: UrbanCo

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