Business Society & Culture

Tata flats sold out in five days

Nearly 50 flats in Malé have been sold within five days after the Housing Development Corporation put them up for sale.

Built by a subsidiary of India’s Tata Group in the capital, the flats were put up for sale after their original recipients under the Veshi Fahi Malé programme were unable to secure loans last year.

The flat winners were previously told to either pay MVR2 million (US$130,000) upfront or obtain home loans with a down payment of at least MVR400,000 (US$25,940), a price out of reach for middle or low-income families.

Some 268 flats were previously awarded under the social housing programme. Flat winners were initially told to pay a monthly rent of MVR9,725 (US$690), but the housing ministry in March 2016 raised the amount to MVR33,000 (US$2,140).

Full details are available at the link below:

Source URL:  Maldives Independent

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