The necessary discussions to reduce the rent for flats under construction within the “Hiyaa” project are underway as per the Managing Director of HDC, Mr. Suhail Ahmed. This was announced through a press release publicized on 26th June 2019.
The “Hiyaa” project is being carried out on a loan basis by HDC with 100% sovereign guarantee by the government. The total cost for the 16 blocks of 25 storey flats currently under construction is at 703 million dollars along with the interest and finishing costs. When the project concludes 6860 flats will be constructed while each apartment will have 2 rooms and 2 toilets.
After considering all these costs, the approximate rent of each apartment is at 11,000 rufiyaa. However, the Managing Director of HDC, Mr. Suhail Ahmed said that discussions are being carried out to reduce this price in line with the affordable housing pledge of the government.