Madinet Masr, one of Egypt’s leading urban community developers, has unveiled its latest innovation through Madinet Masr Innovation Labs, its dedicated innovation arm providing cutting-edge solutions and products tailored to develop the Egyptian real estate market, Invest-Gate reports.

This new offering, called “Theqa,” is the first-of-its-kind property warranty designed to replace maintenance deposits. The aim of “Theqa” is to provide an innovative solution to one of the biggest challenges facing customers, which is the disparity in maintenance expenses paid years after receiving the unit.

With “Theqa” warranty, customers are now only required to pay for maintenance and operation services in the form of a “property warranty certificate,” eliminating the need for regular maintenance deposits.

This arrangement ensures that there are no additional increases or differences in payments for up to 20 years after receiving the unit. This initiative aligns with the company’s purpose statement of driving growth in Egypt by developing sustainable communities.

Eng. Abdallah Sallam, President and CEO of Madinet Masr, commented on this milestone, expressing pride in the company’s leadership in introducing innovative solutions and concepts to address obstacles related to real estate ownership. This approach allows them to keep pace with economic changes, advance Egypt’s real estate market development, and embrace future prospects.

Sallam added that the step taken aligns closely with Madinet Masr’s expansion strategy, which aims to fulfill the diverse needs of the Egyptian market, create innovative solutions to customer challenges, and leverage their extensive experience and 65-year legacy in the real estate market. The trust of their customers, built on the company’s commitment to providing world-class real estate solutions and services in Egypt, supports these efforts.