President Dr Mohamed Muizzu has announced significant reductions in rent and advance payments for Fahi Dhiriulhun Corporation (FDC) 4,000 flats.

Speaking to residents of Hulhumalé Phase II on Friday, the President announced the concessions for FDC flats following concerns raised by residents over affordability.

Under the revised rates, monthly rent for three-bedroom FDC flats has been reduced from MVR 10,500 to MVR 10,000, while the advance payment has been lowered from MVR 25,000 to MVR 8,000. For two-bedroom flats, rent has been reduced from MVR 7,000 to MVR 6,000, and the advance payment cut from MVR 15,000 to MVR 6,000.

He also said that discounts of MVR 200,000 for Hiyaa flat residents, which he had pledged earlier, will be implemented following discussions with the Housing Development Corporation (HDC). He added that concessions have already been provided for Hiyaa and Vinares tower loans through Bank of Maldives, and said discussions will be held with Maldives Islamic Bank to explore similar concessions.

Addressing issues in Hulhumalé Phase II, the President said several longstanding problems had not been adequately addressed in the past. He stated that, through HDC and other Government institutions, work is underway to improve pedestrian access, parking facilities, and to address social issues including crime and drug-related concerns.

The President also announced that the establishment of cooperative societies at Hiyaa flats will be accelerated through HDC and relevant authorities. He added that agreements have already been signed for the construction of three parking buildings in Hulhumalé Phase II, and that lift installations at Hiyaa flats are progressing, with six towers already completed.

President Dr Muizzu assured residents that issues affecting Hulhumalé Phase II, whether related to infrastructure, individual flats or social conditions, will be fully addressed. He also said further consultation meetings will be held in the future, noting that not all residents were able to raise their concerns during the three-hour consultation session.

He reaffirmed that every concern raised by residents is important and will be taken into consideration by the Government.