President Dr. Mohamed Muizzu has announced major reductions in rent and advance payments for 4,000 flats being developed by the Fahi Dhiriulhun Corporation (FDC) in Phase II of Hulhumale'.
After meeting with residents of Phase II of Hulhumale', the President said the government has revised the previous advance structure of MVR 25,000 for three-bedroom units and MVR 15,000 for two-bedroom units.
Under the new decision, the advance payment for three-bedroom units has been reduced to MVR 8,000, easing a key upfront burden for recipients.
For two-bedroom FDC flats, the advance payment will now be brought down to one month’s rent, instead of the earlier MVR 15,000 requirement.
Dr. Muizzu said monthly rent payments will also be reduced from MVR 10,500 to MVR 10,000 for three-bedroom flats, and from MVR 7,000 to MVR 6,000 for two-bedroom flats, cutting monthly expenses by MVR 1,000.
He added that FDC will renew and review existing agreements with recipients to reflect the new concessions.
After meeting with residents of Phase II of Hulhumale', the President said the government has revised the previous advance structure of MVR 25,000 for three-bedroom units and MVR 15,000 for two-bedroom units.
Under the new decision, the advance payment for three-bedroom units has been reduced to MVR 8,000, easing a key upfront burden for recipients.
For two-bedroom FDC flats, the advance payment will now be brought down to one month’s rent, instead of the earlier MVR 15,000 requirement.
Dr. Muizzu said monthly rent payments will also be reduced from MVR 10,500 to MVR 10,000 for three-bedroom flats, and from MVR 7,000 to MVR 6,000 for two-bedroom flats, cutting monthly expenses by MVR 1,000.
He added that FDC will renew and review existing agreements with recipients to reflect the new concessions.
