Fahi Dhiriulhun Corporation (FDC) has introduced a structured rent subsidy mechanism for tenants of the 4,000 housing units under development in Hulhumalé Phase II, offering varying levels of subsidy based on the timeliness of monthly rent payments.

According to FDC, tenants who settle their rent and maintenance fees before the 10th of each month will be eligible for a full (100 per cent) Government subsidy. Reduced subsidies will apply for payments made later in the month; 75 per cent before the 16th, 50 per cent before the 21st, and 25 per cent before the 26th. No subsidy will be granted for payments made after the 26th of each month.

FDC stated that the rental agreements, developed in accordance with Shariah principles, aim to encourage timely payments and provide financial relief to tenants who meet the deadlines.

Under the scheme, two-bedroom units are priced at MVR 9,000 per month and three-bedroom units at MVR 13,000. However, with the full subsidy, tenants will pay MVR 7,000 and MVR 9,000 respectively. Maintenance fees are set at MVR 1,000 for two-bedroom flats and MVR 1,500 for three-bedroom flats.

Tenants are also required to pay a one-time security deposit of MVR 15,000 for two-bedroom units and MVR 25,000 for three-bedroom units. FDC confirmed that keys to the flats will only be handed over once the deposit is paid, even if the tenancy agreement has been signed. However, recipients will be given adequate time to settle the payment.

The 4,000 housing units are currently undergoing finishing works, including the installation of windows, fans, doors, tiles, and sanitary fittings, are currently underway. The project is expected to be completed and ready for occupation by September 2025.