MD Shareef: Rent of STECLO’s flats to be enforced starting January

STELCO's Managing Director Ahmed Shareef speaks at ceremony held to mark the 25th anniversary of the utility company. (Photo/President's Office)

State Electric Company Limited’s (STELCO) Managing Director Ahmed Shareef has stated that rent enforcement for flats especially developed for STELCO staff under ‘Hiyaa Project’ will commence in next January.

Speaking at a special ceremony held on Sunday night to mark the 25th anniversary of the utility company, Shareef said that a six-month grace period has been allocated for the flats.

“This means that our company will be enforcing rent starting from January 1 of next year,” he added.

Shareef said that the decision was taken in order to provide easements for staff in rent payment.

“Only a few staff, have paid 20 percent (advance payment). At present, salary deductions are enforced for some staff to make this payment,” he had said.

Shareef said that should the rent be enforced under such a circumstance – staff will have to make two payments at the time. Thus, he cited this as the main reason why a grace period is being granted

Speaking further, Shareef said that majority of the works of the flats is now complete. The flats dedicated to STELCO staff are developed at Hulhumale Phase II.

360 apartments were built in two towers under the project; that is 72 one-room apartments and 288 three-room apartments.