Assem El Gazzar, Minister of Housing, Utilities and Urban Communities, states that the General Authority for Construction and Housing Cooperatives started the reservation for land plots for cooperative housing societies in 10 new cities, Invest-Gate reports.

The cities are: Al-Obour, New October, Badr, 10th of Ramadan, Salam (East Port Said), New Borg El Arab, New Minya, New Aswan, New Beni Suef, and New Assiut.

Hossam Rizk, chairman of the board of directors of the Authority, confirms that there are great payment facilities, as 15% down payment is paid of the value of the land. The rest is paid over seven-year installments without bank interest with semi-annual installments. The first installment is after three months of reservation.

Additionally, the lands are fully utilized and are delivered once the reservation payment is paid.

The booklet of conditions, declarations, and feasibility study will be sold at the headquarters of the Authority from 1/8/2022 to 1/9/2022. The booklet is delivered to the association’s delegate under an authorization letter approved by the association’s board of directors, in return for paying EGP 3,000 electronically or by bank transfer.

Rizk explains that the last date for delivering the booklet after its completion is on Thursday 3/11/2022. Also, the association can submit more than one application to obtain land for its projects in more than one city, provided that it is within the scope of the association’s work. In case the association wins a plot of land in one of the cities, the rest of the applications are canceled automatically.

The minimum space that the basic or joint association applies to allocate to it is about 2.25 acres (120 housing units) for the association members.

It is worth mentioning that the date of the public reservation lottery will be announced later in the official newspapers, the Authority’s Headquarters, and the official website of the Ministry of Housing.