Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities, has announced the provision of payment facilities by waiving 70% of late payment fines if all outstanding debts are settled, Invest-Gate reports.

This initiative covers residential, administrative, and professional units, commercial shops, and villas associated with the Buildings Finance Fund. The relief period spans three months, from October 1, 2024, to December 31, 2024.

Hesham Darwish, Advisor to the Ministry of Housing and Supervisor of the Construction and Contracting Sector, who also serves as Chairman of the Buildings Finance Fund, elaborated on the details. He clarified that these measures extend to residential, professional, administrative, commercial units, and villas that are subject to pending litigations, preliminary court rulings, or appellate processes. To qualify, full payment is required, along with settling all legal and administrative fees and any other relevant expenses.

Darwish further specified that these facilities are not applicable in cases where clients have filed legal disputes against the fund, unless such lawsuits are withdrawn.

Additionally, units, villas, and shops that have received cancellation notices or final judgments favoring the fund, or rulings that are legally binding, are not eligible for these concessions. The regulations outlined by the fund concerning real estate matters, as well as decisions made by the board of directors, govern such cases.