The Government has announced that flats developed under the Affordable Home Ownership Scheme will be sold at controlled prices, with two-bedroom units capped at MVR 1.8 million and three-bedroom units at MVR 2.3 million.

Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib revealed the details during a press briefing held at the President’s Office on Wednesday while providing updates on housing projects being undertaken by the Government.

Minister Dr Muththalib said the price caps were set below prevailing market rates for similar properties.

The Minister stated that the Affordable Home Ownership Scheme is aimed at families who have the financial capacity to purchase homes through bank loans or mortgages.

Under the programme, a Request for Proposal (RFP) has been opened for the development of 1,000 housing units in Hulhumalé. The Minister said private companies have been invited to participate in the construction of the flats.

He explained that the Government will provide land for the projects free of charge and offer additional incentives to developers, while the flats will be sold at prices determined by the Government.

Minister Dr Muththalib said the Government is providing land and incentives to developers so that flats can be sold at controlled prices to individuals seeking to purchase homes through mortgages under the Affordable Home Ownership Scheme, particularly first-time home buyers.