The New Urban Communities Authority (NUCA) will cut late fees owed on residential and commercial properties in new cities for the next two months, in the efforts to spur owners to pay off their arrears, Invest-Gate reports.
Starting June 4, possessors of homes, offices, shops, in addition to residential and industrial plots, will see their late fees reduced or even slashed entirely in case of full payment of arrears within the next two months, according to a recent ministerial statement.
Late fees will be lowered by 70% if owners pay 75% of the total amount, but it will be brought down by 45% and 20% if they pay 50% and 25% of the required value, respectively, the statement added.
On his part, NUCA Vice President for Commercial and Real Estate Affairs Mohamed Anwar confirmed that the waivers apply to occupants who did not evacuate their homes after failing to clear overdue payments.
Other conditions include non-ownership of other properties in the same city, construction must meet all legal requirements, and applicants will need to drop any legal claims against the authority. The exemptions do not apply retroactively, Anwar highlighted.
In early June, Local Development Minister Mahmoud Shaarawy has announced a six-month ban on construction permits in various urban cities, including Greater Cairo and Alexandria, pending verification of complying with building codes, according to a previous statement.