Decrease of Rent in Greater Male Industrial Zone

Thursday 2nd of April 2020

Decrease of Rent in Greater Male Industrial Zone

Greater Male Industrial Zone Limited announced in a press release on 1st April that all the tenants who have rented apartments and lands in Kaafu Thilafushi and Gulhifalhu will receive 30% reduction in their rent for 3 months.

This is to assist the businesses that were hit hard by the coronavirus pandemic. Recently, Housing Development Corporation (HDC) had also made changes to the rent of their properties in order to help the community. HDC tenants will be allowed a 2 months deferment in 30% of their rent payment.

The Finance Minister announced that the country might face a deficit budget of MVR10 billion. The government’s revenue has decreased greatly after the restrictions in tourism industry as well as due to other businesses failing.