Chairman of Egyptian Real Estate Council (ERC) Adel Lotfy said a draft proposal has been completed for the development of social housing projects for young people in partnership with the government, Invest-Gate reports.

ERC has already submitted the proposal to the New Urban Communities Authority (NUCA), which mainly focuses on setting a price ceiling for these units, discussing, and reaching an agreement on the draft for its actual implementation, and the provision of such units within the state’s initiative to provide housing units for the community’s neediest groups, Lotfy uncovered in press statement on May 8.

The chairman pointed out that the state had to shoulder this heavy burden in order to provide these units, especially with the implementation of mega infrastructure projects and the establishment of new cities in different governorates, which require substantial cooperation and partnership between the government and private sector to share together this impediment.

Additionally, ERC has prepared a draft proposal to regulate real estate development and establish a federation for real estate developers. It was earlier submitted to NUCA and housing ministry in order to be discussed shortly, Lotfy revealed.