Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, has revealed facilitation measures for companies, real estate investors, and individuals to acquire previously allocated but unutilized lands, Invest-Gate reports.

This initiative allows dealings at current market rates for all types of land and spaces withdrawn or cancelled, remaining unassigned except for small residential plots, national and social housing, and the “Build Your Home” program, subject to specific conditions.

Moreover, Amin Ghoneim, Vice President of the New Urban Communities Authority for Real Estate and Commercial Affairs, outlined plans to reevaluate dealings concerning all land types and spaces that were cancelled or withdrawn but remain unallocated, applying present market prices based on the remaining completion percentage.

Additionally, this applies solely to the portion of land where the project execution is pending, excluding completed areas.

Furthermore, Ghoneim highlighted the process by revising rates based on remaining project completion percentages, utilizing satellite imagery for verification, settling all financial dues from the original deadline until the payment date, and relinquishing any legal claims against the authority or city entities if applicable.

Ghoneim further detailed the protocol: submitting to the pricing committee, completing procedures per established guidelines, and granting appropriate timelines based on remaining project spaces.

Notably, these projects ranging up to 20 acres are granted a three-year execution period. In comparison, those between 20 and 50 acres have four years, 50 and 100 acres allow five years, 100 and 450 acres allot six years, and anything beyond 450 permits an eight-year execution period.