The Housing Development Corporation (HDC) has decided to refund downpayments paid for 4,000 flats developed in Hulhumalé Phase II by offsetting them against future rent payments. The downpayment for three-bedroom flats has been reduced from 25,000 rufiyaa to 8,500 rufiyaa, and for two-bedroom flats from 15,000 rufiyaa to 6,000 rufiyaa.

The Ministry of Housing and Urban Development stated that for those who paid 25,000 rufiyaa as security deposit for three-bedroom flats, the new rate of 8,500 rufiyaa will be deducted, and the remaining amount will be offset against future monthly rent payments. Therefore, the monthly rent of 8,500 rufiyaa for three-bedroom flats will begin only after the remaining downpayment has been fully offset against the rent. Similarly, the rent of 6,000 rufiyaa for two-bedroom flats will begin after the excess downpayment from the 15,000 rufiyaa paid has been offset against the rent.

As residents have begun moving into the flats developed by HDC, this change will reduce the monthly rent to 6,000 rufiyaa for two-bedroom flats and 8,500 rufiyaa for three-bedroom flats.