The Cabinet approved the draft of terms and conditions regarding collaboration with real estate developers in building units in the Social Housing Project aimed at low-income citizens, reported Al Borsa.
The draft included determining the land plots where the project will be constructed and the areas in which developers will be employed, provided that these developers have worked on previous projects with the government. This follows a meeting in May held by New Urban Communities Authority (NUCA).
The Board of NUCA has stipulated in the draft that the conditions apply on all new cities, with the exception of New Cairo and Sheikh Zayed.
The conditions determined that payments for units should be made in cash up-front, or with a minimum 15% down-payment of the total unit price, according to Al Shorouk News.
The draft also stipulated that the company handling the social housing project should not acquire more than 10% profits from the total cost of the project.
The developers will be assigned the total area of land approved for construction, while the total area of units within the project will be 90 square meters per unit, Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly said.