Housing Development Corporation (HDC) has stated a payment below MVR 11,000 per flat under the Hiyaa housing project is incorrect.
A number of 7,000 flats was constructed under the “Hiyaa Project” on a loan of USD 434 million which is USD 62,000 per flat. The following amount was calculated without final finishing work of interior work of the apartments. The finishing and interior was done separately under a different payment method of estimated USD 42 Million.
However, the government has decided to award the flats without completing the flats.
Public debate is now heating up as members of previous administration has stated that the total payment of MVR 6,000 per month for 20 years would be more accurate. Even with those claims the government has stated the current price would be MVR 11,000 which would be made over 20 years.
According the Managing Director of HDC, the loan would be repaid with interest and the total amount would be payable which is MVR 11,000 per month.
Furthermore, Suhail noted that even without the finishing and interior work the flat price would not go down.