The board of the New Urban Communities Authority (NUCA) has approved the reduction of administrative fees that are applied on the purchase of land plots for an entire year, in efforts to facilitate procedures for investors in new cities, reported Invest-Gate.
NUCA has also approved a new offering method for land plots dedicated to industrial activities in the new cities. The method includes offering residential units for labor workers within these areas, asserting that the lands should not be used for other purposes than residential. It also provides a fixed design for all factories to adhere to and assigns the suitable area for the construction.
Potential buyers should pay 25% down payment of the total amount of the land plot and pay the remaining value over three years when the construction is completed.
Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly stated that NUCA has also approved the final down-payment pricing for units in Dar Misr project; and it is as follows: 100 to 115 square-meter units require EGP 7500 down-payment, and 130 to 150 square meter units require a down-payment of EGP 10,000. The rest of the amount is to be paid over 16 installments.