Urbanco waives late rent fines for Hulhumale’ social housing units

Hulhumale'. (File Photo/Sun/Fayaz Moosa)

Urbanco has announced the decision to waive penalties incurred as of Sunday for non-payment of rent on social housing units in Hulhumale’.

In a statement on Sunday, Urbanco noted that the waiver of fines for outstanding rent was a component of President Dr. Mohamed Muizzu’s ‘Hafuthaa 14’ roadmap.

In addition to the fine waiver, Urbanco announced that tenants will be able to pay their outstanding rent in installments.

The corporation said the amended policy aligns with Islamic principles.

As such, the late payment of rent has been fixed at 1 percent of the monthly rent, with no daily increment thereafter.

Urbanco has asked tenants who wish to settle their outstanding amount in installments to submit the form either in person at the Urbanco headquarters or via email to [email protected] or [email protected]. The deadline is January 10.