The apartments being developed in Hulhumalé by Fahi Dhiriulhun Corporation will be sold for a monthly payment of MVR 8,000 for two bedroom and MVR 10,500 for three bedroom apartments, Construction Minister Dr. Abdulla Muthhalib said today.
After reviewing the list of applicants for the flats which former President Ibrahim Mohamed Solih's administration began development, the incumbent administration published a list of selected recipients sometime after 15:00 hrs today. In a press conference held to share information on the matter, Muthhalib said the previous government decided on a monthly payment of MVR 5,000 along with a maintenance fee of MVR 1,000 for two bedroom apartments.
Three-bedroom apartments were priced at MVR 7,000 monthly with an additional MVR1,000 per month as maintenance fee.
However, Muththalib said price was no based on the amount of loan repayment and that no assessment was conducted to determine the figure.
"We don't believe they are the best, fairest figures. According to FDC figures, this is a loan to pay off the loan, meaning that all the work is being done by 85 percent of the loan from Exim Bank. If the government takes the money needed to pay it off we need to take MVR 13,000 from a three bedroom flat and MVR 9,000 from a two bedroom flat," he said.
Because of this, the government reportedly consulted the Economic Council, and the government has increased the prices.
Two bedroom apartment
- MVR 7,000 as rent.
- MVR 1,000 as maintenance fee.
- Security deposit of MVR 15,000.
Three bedroom apartment
- MVR9,000 as rent.
- MVR 1,500 as maintenance fee.
- Security deposit of 25,0000.
Minister Muththalib said the government's housing projects should be implemented in a sustainable manner.
“Even if you look at the amount I just mentioned, we still have to subsidise about MVR 100 million a year to repay the loan,” he said.