The Housing Development Corporation (HDC) has rolled out a new rent offset scheme for residents of Hiyaa flats, allowing them to use funds allocated for finishing works to settle outstanding rent obligations.
In a notice issued to flat owners, HDC outlined that the MVR 200,000 allocation per unit will be applied toward unpaid rent balances. The deduction will exclude maintenance fees and is in line with a commitment previously announced by President Mohamed Muizzu.
Under the arrangement, residents will not be required to make monthly rent payments until the allocated amount is fully utilised. This effectively provides a rent-free period of up to two years for many households.
However, a monthly maintenance fee of MVR 1,000 will continue to apply. HDC also confirmed that penalties previously imposed due to non-payment of rent will be waived as part of the initiative.
According to details shared with residents, if the outstanding rent is fully covered by the allocated amount, tenants will not be required to pay rent until the equivalent value — calculated at an estimated monthly rate of around MVR 5,300 — has been exhausted.
HDC said adjustments related to the scheme will be reflected through its online portal once system updates are completed.
The rent offset initiative is part of broader efforts to respond to concerns raised by residents regarding finishing costs and housing affordability.
The government has previously indicated that agreements related to Hiyaa flats would be revised to prevent further rent increases, as part of measures aimed at easing financial pressure on households.
Officials say the scheme is intended to provide immediate relief while supporting longer-term solutions to housing challenges in the Greater Malé area.
