The New Urban Communities Authority (NUCA) decided to settle the dispute over the land allocated for the Hotel School Project owned by the Educational Arabic Institution Company in New Assiut, reported Al Borsa.
The company was fined EGP 5 million for not committing to the schedule for the project. The company is obliged to pay EGP 500 for every square meter in the plot, the total area of which is 10,000 square meters, said Ahmed Omran, head of the New Assiut Authority.
Approximately 25% of the total fine is expected to be paid immediately, while the remaining sum will be paid through two installments over two years, Omran added.
The company received three prior warnings before being fined for the delay on construction of the project, according to Omran. He added that the firm has acquired the land through public auctions that were conducted by NUCA, which aimed to provide the lands for facility and amenities projects in the city.
New Assiut’s budget for the current fiscal year is EGP 796.1 million, which is set to be allocated towards completing 139 social housing buildings worth EGP 450 million, 12 facility buildings worth EGP 80 million, and other projects, such as extensions of water sewage facilities and electricity.