NUCA, GAFI to Offer Lands in September

Sunday, 24th July 2016

New Urban Communities Authority (NUCA), in cooperation with General Authority for Investment (GAFI), will offer a new phase of service land tenders in September, reported Al Borsa News.

The land tender offered is set to include 170 plots of land ranging between 3-70 acres in over 18 cities, with the expected sale value of EGP 3 million.

The authority earmarked some of the larger plots of land for establishing educational activities, sports clubs, commercial and administrative buildings.

“There will be more than one land offering mechanism for New Al Alamein City as permitted by the new real estate regulation that allows multiple mechanisms to suit market needs,” said Hatem Mahmoud, Head of Central Administration for Development of NUCA, Al Mal News reported.

The Authority is working on resolving problems facing investors in the private sector, added Mahmoud. A committee was recently formed headed by the Housing Minister, Mustafa Madbouly, and government official to tackle obstacles facing investors.

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