‘Ebny Beitak’ Returns, Under Conditions

Wednesday, 1st March 2017

The New Urban Communities Authority (NUCA) and Minister of Housing and Urban Utilities Mostafa Madbouly agreed to resume the trade of land plots in the “Ebny Beitak” project, but this time municipalities have set some conditions to regulate the process, Invest-Gate reports.

The project was previously withdrawn, along with buildings built on it, and came into the possession of the city’s authority for not meeting booking terms, according to a statement.

Conditions include that the buildings of “Ebny Beitak” should have a ground floor built at minimum, give up the subsidies which have been previously assigned, and return what has been cashed from them. Conditions also state that customers renounce all lawsuits filed against the authorities in this regard. Moreover, customers are required not to have the case of duplication ongoing at the time of resuming trade, to deal with the current prices as the investment rate, and to refer to the specialized committee regarding pricing.

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