Minister of Construction and Infrastructure Dr. Abdullah Muttalib has announced that the ownership of 4,000 flats currently under development in Hulhumalé by Fahi Dhiriulhun Corporation (FDC) will only be transferred once recipients complete rent payments over a fixed period.
Speaking on Voice of Maldives, the state media, the Minister stated that the new 25-year lease-to-own model was introduced to tackle widespread issues of unpaid rent in previous social housing schemes.
“We are facing challenges with flat recipients not fulfilling rental obligations. To address this, agreements for these flats will be structured over a 25-year term, with ownership granted after full payment,” said Dr. Muttalib.
He added that the Housing Bill currently being reviewed by Parliament will provide a legal framework for such policies and further strengthen the government's approach to sustainable housing.
The 4,000 units are being built in 32 towers, each 18 stories tall, with financing provided by an MVR 3.5 billion loan from India’s EXIM Bank under a sovereign guarantee. The project includes 16 “Aman Udhares” towers assigned to India’s JMC and 16 “Aman Dhodhi” towers constructed by NBCC.
Each tower floor will house eight apartments, totalling 1,200 two-bedroom and 2,800 three-bedroom units.