Minister of Housing and Urban Communities Mostafa Madbouly approves extending the down payment deadline on Dar Misr units until 23 March, Invest-Gate reports.
Applicants are expected to pay the remaining 20% of the down payment, which is offered as facilitated procedures to interested buyers of the middle-income housing project, according to a released statement.
Potential buyers previously participated in a public lottery held last December where the first placed down payments for the units at the Housing & Development Bank.
Dar Misr housing project for middle-income citizens includes 50,000 residential units with floor plans ranging from 100 to 150 square meters.
The project is built over three phases as the first phase includes New Cairo, 6th of October City, Sherouk City, and Badr City, while the second phase consisted of 25,000 homes in 12 cities which include Sheikh Zayed City, Obour City, Beni Suef, and Sadat City.
A third phase of Dar Misr project is expected to launch in April in the abovementioned cities. However, the pricing of the units is currently under discussion.