Government has decided to charge MVR 7,500 as rent for Hiyaa Flats.
Speaking at the press conference held today, Housing Minister Aslam said the government has decided to charge MVR 7,500 as rent for the Hiyaa Flats without any further down payment. This is MVR 1,000 more than what the previous administration of Ex-President Yaamin decided.
Minister Aslam further added that MVR 7,500 is still not enough for the Housing Development Corporation (HDC) to generate a profit from the project.
However, this was denounced by a leaked document from HDC to the government obtained by Dhiyares news which claimed that HDC could make a profit of MVR 921 million, despite charging MVR 7,637 as the minimum rent.
As per the leaked document, HDC could collect MVR 12.4 billion as revenue by renting commercial spaces over a period of 20 years, and MVR 4.8 billion as profit.
The Hiyaa Housing project has attracted a lot of controversy due to many claiming the flats were awarded unjustly.