SATV, Kathmandu, Mar. 25 - The monthly rent for three-bedroom flats built under the Inclusive National Affordable Housing Scheme (INAH) will be set at around MVR 10,000, says Mohamed Shareef, the CEO and Managing Director of the Bank of Maldives (BML), which’s subsidiary, the BML Affordable Home Leasing Company, is running the scheme.

In an appearance on Public Service Media (PSM)’s ‘Raajje Miadhu’ show on Tuesday night, Shareef said the BML Affordable Home Leasing Company will be investing in developing 3,260 units under the scheme.

He said that all contractors have agreed to complete the units by mid-2028.

Shareef noted that the main purpose of the scheme is to provide housing at as much of a low rent as possible.

“This is the reason for choosing a lease-to-own model. Meaning that they will pay monthly rent and eventually own the unit,” he said.

Shareef said that while it is too soon to finalize the rents, based on current calculations, it is likely the rent for three-bedroom flats will be MVR 10,000.

“In the current market, the rent for a three-bedroom flat ranges between MVR 25,000 and MVR 30,000. Therefore, this will be a great relief, right? And all the units we are developing are three-bedroom flats,” he said.

In January, the Housing Ministry opened applications for 15,000 land plots and 7,900 flats from the greater Male’ area under the ‘Aailee Boahiyaavahikan’ program.

The scheme offers 7,900 flats from the greater Male’ region and 15,000 plots of 1,250 square feet from the greater Male’ region and Rasmale’. The land scheme is divided into two categories. Registered residents of Male’ and other priority category applicants will receive land from greater Male’ and Rasmale’, while people from other islands who reside in Male’ will receive land from Rasmale’.

These 7,900 flats include the 3,260 units being developed by BML Affordable Home Leasing.

President Dr. Mohamed Muizzu has pledged to guarantee housing for all Maldivian citizens above the age of 18 by the end of his tenure.