Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar announced on Monday that the New Urban Communities Authority (NUCA) will allow construction schedule adjustments and other facilities on investment lands in new cities. The land should cover at least two feddans.
NUCA’s Deputy Chairperson for commercial and real estate affairs, Mohamed Anwar Hilal, said all investment lands granted to investors through different allocation systems will benefit from the new facilities.
However, lands allocated under the state and private sector co-development partnership system for national or social housing, or those involving legal disputes, will not benefit from these facilities.
The facilities include extending the construction period for an additional three months without penalties, for projects being developed until 15 March and onwards.
Additionally, the NUCA delayed collection of due instalments on lands from 14 May 2020 for a minimum period of six months and until 13 March 2021 maximum. This would be according to the number of instalments during this period, at a 7.5% interest. The payment dates of the remaining instalments remained unchanged, Hilal added.
For the authority’s lands, it received an in kind share in some projects, with the due instalments from 14 May 2020 to be delayed for a period of six months.