The Spokesperson at the President’s Office, Mohamed Mabrook Azeez affirmed that the government’s housing policies show fruition this week, reinforced by the president’s announcement Monday night launching the “Gedhoruveriya” loan scheme.
The new scheme entails a 6% interest rate, monthly repayment rates not exceeding MVR5,000, and extended repayment options. Mabrook revealed that the loan was aimed at residents living outside of the capital.
He made the statements while briefing the media on the projects underway to provide citizens with affordable housing options and announced details of the project launched today to develop 1,000 mixed residential housing units in Hulhumalé.
The project launched today to build 1,000 mixed residential housing units in Hulhumalé targets residents of Malé City. Mabrook announced that the project comprises nine towers, with 120 (60 two-bedroom and 60 three-bedroom) council housing units, 220 (50 two-bedroom and 170 three-bedroom) affordable housing units, and 660 mid-level housing units. Mabrook highlighted that these flats would be more affordable and spacious than flats developed under the “Hiya” housing project.
The spokesperson also revealed that the rent prices for housing units in the “Gedhoruveriya Flats” are on average 27% lower than previous social housing projects. Council housing units would have the rent set at MVR5,500 for two-bedroom units and MVR7,000 for three-bedroom units. Council housing units can only be leased, aimed at low-income families until they are financially comfortable enough to be upgraded to another category. In contrast, affordable housing units are lease-to-own and would have ownership passed to the families once they had paid the total price of the units.
Mabrook reiterated the president’s statement that the “Gedhoruveriya” loan scheme would ensure that the government fulfills its core pledge to provide affordable housing options nationwide.
Providing the latest update on the “Hiya” housing project, Mabrook stated that the Housing Development Corporation (HDC) would begin signing agreements for the flats on July 14, 2021, and would complete signing agreements with all parties within a month.
The new scheme entails a 6% interest rate, monthly repayment rates not exceeding MVR5,000, and extended repayment options. Mabrook revealed that the loan was aimed at residents living outside of the capital.
He made the statements while briefing the media on the projects underway to provide citizens with affordable housing options and announced details of the project launched today to develop 1,000 mixed residential housing units in Hulhumalé.
The project launched today to build 1,000 mixed residential housing units in Hulhumalé targets residents of Malé City. Mabrook announced that the project comprises nine towers, with 120 (60 two-bedroom and 60 three-bedroom) council housing units, 220 (50 two-bedroom and 170 three-bedroom) affordable housing units, and 660 mid-level housing units. Mabrook highlighted that these flats would be more affordable and spacious than flats developed under the “Hiya” housing project.
The spokesperson also revealed that the rent prices for housing units in the “Gedhoruveriya Flats” are on average 27% lower than previous social housing projects. Council housing units would have the rent set at MVR5,500 for two-bedroom units and MVR7,000 for three-bedroom units. Council housing units can only be leased, aimed at low-income families until they are financially comfortable enough to be upgraded to another category. In contrast, affordable housing units are lease-to-own and would have ownership passed to the families once they had paid the total price of the units.
Mabrook reiterated the president’s statement that the “Gedhoruveriya” loan scheme would ensure that the government fulfills its core pledge to provide affordable housing options nationwide.
Providing the latest update on the “Hiya” housing project, Mabrook stated that the Housing Development Corporation (HDC) would begin signing agreements for the flats on July 14, 2021, and would complete signing agreements with all parties within a month.
