Fines incurred for non-payment of rent for social housing units have been waived.
Urbanco decided to forgive all social housing fines to date under President Dr. Mohamed Muizzu's first 100-day plan or "Hafthaa 14" (14 weeks) roadmap, the corporation said in a statement on Sunday.
Outstanding amounts left for the flats after the fines were written off can be paid in installments.
Urbanco has also decided to revise the agreements for the flats and offered the opportunity for tenants who wish to seek changes in accordance with Islamic principles.
Fines imposed for late payment of rent would be reduced to one percent of the monthly payment, according to Urbanco.
The fine was previously 18 percent per year. Following the change, the one percent collected as fines would be donated to Sadaqat charity fund, Urbanco said.
The deadline for applying to revise the flat agreements in line with the policy change is January 10.
