Hulhumale’ flats promised for those who cannot make Tata flats payment

Minister of Housing and Infrastructure, Dr. Mohamed Muizzu has said that those who won apartments in the new Tata flats, but are unable to make the MVR 2 million payment within five years will be given apartments in Hulhumale’.

Muizzu had said during a press conference held by Ministry of Housing and Infrastructure last Thursday that the government had completed making the MVR 278 million payment required on their part for the flats.

“HDC [Housing Development Corporation] has made agreements with them, making mortgage arrangements through the bank. Government authorities made the arrangements about two days back,” said Muizzu.

The flats in Gaa Koshi and former Arabiyya School were built by Apex Realty.

Apex Realty was contracted to build flats in former Arabiyya School land, Gaa Koshi, former Naadhee land and former Audion land as part of Phase I of the housing project.

But the flats have been only completed in former Arabiyya School land and Gaa Koshi.

Apartments that go to the government from both complexes were handed over this year.

As per the contract, government is required to make the full payment within 90 days after the flats are built, which led to the government shortening the payment period of tenants to five years.

The MVR 2 million payment for each flat amounts to monthly payments of MVR 33,000 over the period of five years.