Final Stage of Reserving New Capital Units Has Began: Madbouly

Final Stage of Reserving New Capital Units Has Began: Madbouly

Prime Minister Mostafa Madbouly, who is also the Minister of Housing, Utilities, and Urban Development, announced that the final step for the electronic booking of the Capital Residence compound, in the New Administrative Capital, began on Sunday, August 12 and will continue until Saturday, August 18 – or until all units are booked, Invest-Gate reports.

Madbouly pointed out that there is precedence in units’ reservation and allocation, only for those who have registered their data on the website (www.hdb-reservation), and paid the deposit amount, according to a ministerial statement.

Khaled Abbas, Deputy Minister of Housing for National Projects, asserted that in case the procedures are not completed or the reservation of the selected housing unit is canceled, the amount paid will be refunded after the completion of the booking period. The website will record requests for refund of the amount paid; which will be refunded in the same previous method of payment, by taking into account the terms of cancellation of the allocation contained in the booklet’s real estate terms and conditions.

Regarding the payment method, Abbas explained that a down payment of 10% is required, in addition to 1% for administrative expenses and 0.5% for the board of trustees, all to be paid within one month from the date of booking the required unit. If the remaining unit value is paid within two months of that date, 7% of the total value of the unit will be deducted, according to the statement.

The Housing Ministry offered 2,048 housing units for reservation in Capital Residence’s first phase, but 2,340 citizens applied to reserve units and paid deposits, which prompted the ministry to provide additional units for the remaining 292 citizens, and to others who are willing to make reservations.

On an area of 170,000 acres, the new capital will comprise 20 residential areas accommodating 6.5 mn citizens, an international airport, an electric train to link it with the 10th of Ramadan and El-Salam cities, as well as, 1,250 mosques and churches, nearly 2,000 schools and colleges, and over 600 medical facilities.

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