Here’s What You Need to Know About the New “Gedhoruveriya Loan” and “Gedhoruveriya Flats” Schemes

The Spokesperson at the President’s Office, Mohamed Mabrook Azeez, on Tuesday, briefed the media on the projects underway to provide citizens with affordable housing options and announced details of the project launched today to develop 1,000 mixed residential housing units in Hulhumalé. He was joined by Dr Nazla Rafeeq, Spokesperson of the Health Emergency Operations Centre (HEOC), to brief the media on the latest on the Covid-19 situation.

Mabrook affirmed that the government’s housing policies show fruition this week, reinforced by the president’s announcement Monday night launching the “Gedhoruveriya” loan scheme. The new scheme entails a 6% interest rate, monthly repayment rates not exceeding MVR5,000 and extended repayment options. Acknowledging how difficult it is to secure housing finances due to how land is evaluated, Mabrook revealed that the loan was aimed at residents living outside of the capital. He reiterated the president’s statement that the “Gedhoruveriya” loan scheme would ensure that the government fulfils its core pledge to provide affordable housing options nationwide. He said that the government would continue to accommodate affordable housing and dignified lives for all citizens.

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The project launched today to build 1,000 mixed residential housing units in Hulhumalé targets residents of Malé City. Mabrook announced that the project comprises nine towers, with 120 (60 two-bedroom and 60 three-bedroom) council housing units, 220 (50 two-bedroom and 170 three-bedroom) affordable housing units and 660 mid-level housing units. Mabrook highlighted that these flats would be more affordable and spacious than flats developed under the “Hiya” housing project.

The spokesperson also revealed that the rent prices for housing units in the “Gedhoruveriya Flats” are on average 27% lower than previous social housing projects. Council housing units would have the rent set at MVR5,500 for two-bedroom units and MVR7,000 for three-bedroom units. Council housing units can only be leased, aimed at low-income families until they are financially comfortable enough to be upgraded to another category. In contrast, affordable housing units are lease-to-own and would have ownership passed to the families once they had paid the total price of the units. The contractor would set prices for mid-level units.

Providing the latest update on the “Hiya” housing project, Mabrook stated that the Housing Development Corporation (HDC) would begin signing agreements for the flats on July 14, 2021, and would complete signing agreements with all parties within a month.

Briefing the media on the Covid-19 situation, Dr Nazla revealed findings from the latest gene sequencing tests; the Delta strain is most dominant in the Maldives, accounting for 27 per cent of the samples tested, followed by the Alpha variant at 20 per cent. Dr Nazla also announced some eases to the current mobility restrictions enforced to curb the spread of the virus starting June 16, 2021, including scaling back the curfew with movement restrictions from 04.00 p.m. to 04.00 a.m.

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