The Launch of ‘Gedhoruveriya’ Flats

Yesterday, the official launching ceremony of the mixed residential units as part of the 1000 social housing flats project was held in Hulhumale’. These flats are an initiative under the wider housing policy of the government. The social housing projects under Gedhoruveriya Flats will be based in both Phase 1 and Phase 2 of Hulhumale. 
 
The project is carried out under the developer financing project and carried out by Apollo Housing. These new units are priced at a 27% lower rate than those built previously. The first stage of the project is set to be completed by March 31, 2023 following the completion of the second and the third stage by October 31 in the same year.  
 
Three types of housing units will be developed under the Gedhoruveriya Flat:  
Affordable Housing Units  
The flats will be sold under the Lease to Own scheme by the Fahi Dhiriulhun Corporation. Once the complete payment is made, the registration of the apartment will be changed under the owner’s name. Here, 50 units of 2-room apartments are developed in 650 sq.ft spaces whilst 170 units of 3-room apartments will stretch across 900 sq.ft. 
Council Housing Units 
These flats will only be leased under the management of the council. Here, 60 units of 2-room apartments are developed in slots of 650 sq.ft whilst 60 units of 3-room apartments will stretch across 800 sq.ft. 
Mid-level Housing Units 
The developer will be selling these units at a rate not exceeding MVR 2400 per sq.ft. 160 units of 2-room apartments will be built on 750 sq.ft space whilst 500 units of 3-room apartments space out to 1000 sq.ft.  
 
This project is one of the largest residential projects being developed in the Maldives.