The Housing Development Corporation (HDC) will waive rent for Hiyaa flats for the next two years to help tenants manage finishing costs.
In a letter to flat owners, HDC said it will start applying the policy from Wednesday. First, the corporation will deduct any unpaid rent from the remaining balance of the MVR 200,000 finishing discount assigned to each unit.
Then, if a tenant has no outstanding rent after that adjustment, HDC will pause the monthly rent charge of MVR 5,300 until the full discount amount runs out. As a result, tenants will not need to pay rent again until May 1, 2028.
However, HDC made one point clear. Tenants must still pay the monthly management fee during the rent-free period.
Earlier, the current administration revised Hiyaa flat pricing and fixed the monthly rent at MVR 3,984. With the MVR 1,000 maintenance fee added, residents paid a total of MVR 4,984 each month.
HDC says a new rent structure will apply after the discount period ends. From that point, tenants will pay MVR 5,300 per month until they clear the full cost of the apartment.
This decision gives Hiyaa flat residents immediate financial relief. At the same time, it helps them use the finishing discount more effectively. Therefore, the move could ease short-term cost pressure for many households while giving them more time to complete pending interior work.