Gov’t Grants 3M Extension for Payment of Real Estate Arrears

Gov’t Grants 3M Extension for Payment of Real Estate Arrears

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has approved the extension of full payment of residential and non-residential arrears to March 15, with fines exemption, Invest-Gate reports.

The announcement, effective as of January 13, came during El Gazzar’s meeting with officials from the New Urban Communities Authority (NUCA) to extend an earlier decision issued under Law No. 146 in November 2020, as highlighted in a recent ministerial statement.

According to the minister, the move is aimed at prompting investors and buyers to pay their financial dues on residential, administrative, and commercial properties.

That is in addition to residential. commercial, service, investment, and industrial land plots, on top of beach units built by NUCA across the country.

El Gazzar also pointed out that the aforementioned facilities do not apply to lands designated for public-private partnerships (PPPs), paired with parcels previously reclaimed by the authority, the statement noted.

Last November, NUCA had granted a one-month exemption from paying late penalties for those who file all outstanding arrears owed on their residential and non-residential assets, including lands, buildings, and coastal properties, according to a former official statement.


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