The Ministry of Construction and Housing has announced a decision to deduct security deposit payments already made by individuals for the 4,000 flats developed by Fahi Dhiriulhun Corporation (FDC) in Hulhumalé Phase II from their upcoming rent payments. This decision aligns with President Dr. Mohamed Muizzu’s pledge to revise the rent and deposit terms for FDC flats.
The FDC flats, comprising two-bedroom and three-bedroom units across 32 towers in Hulhumalé Phase II, initially required a monthly rent of MVR 8,000 (including maintenance fee) for two-bedroom flats and MVR 10,500 (including maintenance fee) for three-bedroom flats. The security deposit (down payment) was MVR 15,000 for two-bedroom flats and MVR 25,000 for three-bedroom flats.
Residents had expressed significant concerns to the President regarding the substantial amounts required for deposits and rent for the 4,000 housing units developed by FDC in Hulhumalé. In response to these concerns, the President had pledged to revise these costs. Subsequently, during a meeting with residents of Hulhumalé Phase II, President Dr. Mohamed Muizzu announced a reduction in both the rent and security deposit amounts for FDC flats.
According to the Ministry of Construction and Housing, for those who had paid MVR 25,000 as a security deposit for three-bedroom flats, the difference resulting from the reduced security deposit of MVR 8,500 will be adjusted against future rent payments. Similarly, for those who paid MVR 15,000 as a security deposit for two-bedroom flats, the difference due to the reduced security deposit of MVR 6,000 will be adjusted against their future rent.
Following these revisions to the prices of the 4,000 flats, the new monthly rent for three-bedroom apartments is MVR 10,000, which includes MVR 8,500 for rent and MVR 1,500 for maintenance fees. For recipients of flats under the “Amaan Udhares” and “Amaan Dhodhi” schemes, the revised security deposit for a three-bedroom flat is MVR 8,500.
Furthermore, for recipients of two-bedroom flats, the monthly payment will now be MVR 7,000, comprising MVR 6,000 for rent and MVR 1,000 for maintenance fees. The security deposit for these two-bedroom flats has been set at MVR 6,000.
