{"id":25578,"date":"2021-10-26T06:34:31","date_gmt":"2021-10-25T23:34:31","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25578"},"modified":"2021-10-25T11:13:01","modified_gmt":"2021-10-25T04:13:01","slug":"maldives-auditor-office-reviews-rent-numbers-for-social-housing-project","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/maldives-auditor-office-reviews-rent-numbers-for-social-housing-project\/","title":{"rendered":"Maldives auditor office reviews rent numbers for social housing project"},"content":{"rendered":"

Leasing for MVR6,600 per month would have caused a loss of MVR1.1 million for each apartment<\/span><\/p>\n

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A monthly rent of MVR6,600 for flat units in Hiyaa social housing project (as seen above) isn\u2019t a feasible option. CirilMonteiro\/Shutterstock<\/figcaption><\/figure>\n

As reported by Avas<\/a>, the Maldives\u2019 Auditor General\u2019s Office released a report that indicates that a monthly rent of MVR6,600 (USD427.35) for flat units in Hiyaa social housing project isn\u2019t a feasible option.<\/span>\u00a0<\/span><\/p>\n

The former administration set the rent of the social housing units at MVR 6,600.\u00a0<\/span>\u00a0<\/span><\/p>\n

The current government raised the rent to MVR11,000 and then decreased it back to MVR7,500 following harsh criticism from the public.\u00a0<\/span>\u00a0<\/span><\/p>\n

The Housing Development Corporation requested the government to provide details on the calculations that allowed the revision.<\/span>\u00a0<\/span><\/p>\n

Following number revisions, the\u00a0Auditor General\u2019s Office said the\u00a0initially\u00a0proposed\u00a0rent of\u00a0MVR11,000\u00a0is an adequate amount to be charged. This proposal includes an additional MVR1,000 maintenance fee for 20 years at an interest rate of eight percent.\u00a0<\/span>\u00a0<\/span><\/p>\n

The report noted that the calculations were done using the Equated Monthly Installment (EMI) method, considering the loans borrowed for the housing project, interest charged on re-financing loans,\u00a0and loan repayment cash flow.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: The Maldives welcomes 32,970 arrivals from India this year<\/strong><\/a><\/p>\n

The EMI method was not used by the former government, and leasing for MVR6,600 per month would have\u00a0caused a loss of MVR1.1\u00a0million\u00a0for each apartment.\u00a0<\/span>\u00a0<\/span><\/p>\n

Additionally, the Auditor General\u2019s Office\u00a0recommended\u00a0using the method in doing\u00a0calculations\u00a0for similar projects in the future.\u00a0<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0propertyreport@propertyguru.com<\/a><\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Leasing for MVR6,600 per month would have caused a loss of MVR1.1 million for each apartment \u00a0<\/p>\n","protected":false},"author":12,"featured_media":25589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[2411,699,512,1017],"class_list":["post-25578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-housing-rent","tag-maldives","tag-residential","tag-social-housing","news_country-maldives","news_author-property-report"],"acf":[],"yoast_head":"\nMaldives auditor office reviews rent numbers for social housing project | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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