Tenants could use pension fund to pay for ‘Gedhoruveriya’ flats

Hamdan Shakeel, the managing director of Fahi Dhiriulhun Corporation (FDC), says the corporation is set to engage in discussions on Tuesday with the Maldives Pension Administration Office regarding allowing people to make downpayments for their flats under the ‘Gedhoruveriya’ scheme through the pension fund.

The FDC has developed 4,000 flats in Hulhumale’ Phase II - the first of housing units built under the ‘Gedhoruveriya’ scheme, a social housing project launched by the former Maldivian Democratic Party (MDP) administration.

In an appearance on SSTV’s Baaru Hathareh show on Monday night, Hamdan said that tenants can begin to move in as soon as September once they made the downpayment.

But he also stressed that tenants will not lose their assigned unit even if they get delayed in making the downpayment.

“But those who are unable to pay by then can make the payment via the pension scheme. We are also going to offer this option to those who are unable [to make the downpayment]. You can make the payment however you can, whenever you can. The unit will be left untouched. The unit will not be assigned to anyone else,” he said.

Hamdan said that the FDC is currently wrapping up the finishing work and conducting final inspections.

The discussions regarding allowing tenants to make downpayments using the pension fund comes amid concern from the recipients of ‘Gedhoruveriya’ flats – already frustrated over the delay in the handover process – regarding the decision to charge a higher monthly rent than originally announced by the MDP administration, and to introduce a downpayment for the flats.

The MDP administration had announced that the monthly rent for two-bedroom flats would be MVR 6,000, and the rent for three-bedroom flats would be MVR 8,000, including a monthly maintenance free of MVR 1,000.

But the incumbent administration has decided to charge a higher monthly rent of MVR 7,000 for two-bedroom flats and MVR 9,000 for three-bedroom flats. With tenants required to additionally pay a downpayment of MVR 15,000 and a monthly maintenance fee of MVR 1,000 for two-bedroom apartments, and a downpayment of MVR 25,000 and a monthly maintenance fee of MVR 1,500 for three-bedroom apartments.