Urbanco’s Managing Director (MD) and former Member of Parliament for Felidhoo, Ibrahim Fazul Rasheed, has said that the money spent on the finishing works of the ‘Hiyaa Flats’ will be reimbursed, as pledged by President Mohamed Muizzu during his presidential campaign.

Muizzu, during the first round of the presidential election campaign, pledged to provide MVR 200,000 as compensation for each Hiyaa flat. Given that there are a total of 6,720 flats, compensation would come to around MVR 1.34 billion.

“We will give back the cost incurred by the people, as much as possible, [but] at an average price. Some have spent a lot on the apartments in which case they will not be fully compensated but if you do the math, it’s an average of two hundred thousand. So I’ll give it back. I’ll deduct it from the cost,” the then People’s National Congress (PNC) presidential candidate Muizzu said.

“As President Dr Muizzu promised, the money spent on [the finishing of the] Hiyaa flats will be paid back to the owners of the Hiyaa flats,” Fazul said in a post to social media, denying rumours that the flat owners would not be refunded the money spent on completing the flats.