The New Urban Communities Authority (NUCA) will grant facilities for various mixed-use investment lands in new cities, with areas of at least 2 acres, in an attempt to spur urban growth and mitigate Coronavirus strains on developers, Invest-Gate reports.
All lands allocated in new cities, except those coming under the public-private partnership (PPP) scheme or the national/social housing program, will relish these facilities but under certain conditions, NUCA Vice President for Commercial and Real Estate Affairs Mohamed Anwar noted in an official statement on June 22, stressing that dropping any legal claims against the authority is the first criterion.
According to Anwar, a three-month extension is added to the original execution plan for projects supposedly scheduled for delivery on March 15 and beyond. Besides, developers are granted a six-month delay on deadline for land installments, reimbursing all obligations by next May max, with a 7.5% interest.
As for in-kind projects, the first due share is postponed for a period of six months, starting from May 14, with the offer lasting for one year. PPP projects, however, are provided with a three-month extension for handing over ongoing developments, in addition to postponing in-kind payments for another six months. This comes along with a one-year delay in revenue sharing, with an interest of 7.5%, the official added.
In early June, NUCA mandated cutting 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. Due payments will be slashed by 70% if owners pay 75% of the total amount, even brought down by 45% and 20% if they pay 50% and 25% of required charges, respectively, according to a previous statement.