The Egyptian government will demolish slums in Maspero Triangle located in the heart of Cairo and develop them into residential units, Invest-Gate reports.
“The area, which encompasses unsafe slums spanning 74 feddans, accommodates over 4500 families,” says Assistant to Minister of Housing for Developing Slums Ahmed Darwish says during a talk show aired on TV channel El Haya.
Most land plots in the area are not owned by the state but rather, owned by individuals and companies, which makes it hard for the government to intervene.
“The living conditions in the area have been deteriorating over the past three decades, but the government will now resolve this issue by offering residents five alternatives,” Darwish adds.
The current existing rooms in Maspero are worth EGP 60,000 each, and one of the alternatives includes compensating residents per room.
The new two- and three-bedroom apartments that will be developed acquire floor plans ranging from 60 square meters to 70 square meters. Residents are offered the option to live in the new homes by paying rent in the range between EGP 300 to 1000 per month.
“The units will be offered fully-furnished and residents who choose to be tenants in the new homes will be exempted from paying rent for the first year of the rental contract. The state will pay 80% from the rental value of all units in the Maspero Triangle,” says Darwish.
Residents are also given the option to own the new units through paying the apartment’s value over 30 years of installments or pay full cash on the spot. However, owners are not allowed to sell the unit before paying all costs of the house.
Another alternative includes financially compensating residents per room. Those who own one room will be compensated EGP 100,000, two rooms for EGP 160,000, three rooms for EGP 220,000, and four rooms or more will be compensated EGP 280,000.
The government is also providing another alternative for residents to encourage them to leave the unsafe slums by offering them new homes in Al Asmarat City,on the outskirts of Cairo.
“Residents who choose to move to Al Asmarat City will also be given a financial compensation ranging from EGP 16,000 to EGP 76,000 depending on the number of rooms they previously owned,” adds Darwish.