The Federal Housing Corporation altered a rental fee increase it made on non-commercial units and extended payment modalities for commercial units.
The Corporation slashed the fee it imposed on NGOs, government and civil societies by 58pc to 140 Br per square metre. The rental fee of units owned by embassies also saw a 42 dollar adjustment, setting a new price of 50 dollars a square metre.
With the revised payment system, tenants of business units are required to pay one-third of the total increment this year and complete the entire rate in the next two years.
"We have revised the previous tariff after discussing with the committee in detail," Reshad Kemal, CEO of the Corporation, told journalists at his office.
The Corporation's decision to go with the new tariff on 6,128 commercial units faced a challenge from close to 500 tenants, who lodged their grievance at its gate.
"If the tenants don't agree with the new amendments, we'll transfer the houses to those who are interested through a bidding process," Reshad said.