NUCA Drafts Conditions for Purchase of Dar Misr Units

Thursday, 22nd September 2016

The New Urban Communities Authority (NUCA) has completed the drafting of the conditions for the purchase of over 10,000 units offered next month in the second phase Dar Misr project, targeting  middle-income citizens, reported Al Borsa.

The NUCA is also expected to finalize the procedures to offer 11 land plots in the first phase of the Dar Misr project , as officials in the NUCA have stated that the conditions will be sent to the Housing and Development Bank in the next few days, as units are expected to be sold starting October 9.

The draft includes details about measures for acquiring the units, as well as the remaining available houses in each city. Units are acquired by paying a reservation deposit to the Housing and Development Bank.

The remaining units are located in New Cairo, Badr City, Sadat City, 15th of May City, 6th of October City, Borg Al Arab City, 10th of Ramadan, Sheikh Zayed, Shorouk City, Obour City, New Damietta, and New Minya, with areas ranging from 115 square meters to 150 square meters, stated Tarek El Sebaey, NUCA’s Supervisor of Commercial and Real Estate Affairs.

The draft also includes several other conditions, including that the applicant must have applied during the first phase but was not selected to receive a unit through the public lottery, and that the money paid in the first application attempt has not been withdrawn. Further, any amendments on the type of unit should be made in the same city previously applied for, El Sebaey added.

The Dar Misr project comprises 31,000 units allocated in eight different cities in the first phase of the project. The total number of units was recently increased from 150,000 units to 250,000 units, with a cost of EGP 70 billion.

The second phase of the project is expected to include 25,600 units, while the third phase is scheduled to include 55,000 units.

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