Parliament to Issue Real Estate Development Law Within 5 M: Official

Parliament to Issue Real Estate Development Law Within 5 M: Official

Member of Parliament’s Housing Committee Mohamed Abdel Ghany officially told Invest-Gate that Egypt’s Real Estate Development Law will be issued within five months, noting that the draft law is currently being discussed by the committee and is expected to be submitted to the parliament in February to be studied and approved.

The bill, which was proposed by the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI), is currently encountering some disputes and reservations by developers on the period of completing projects, their delivery, and fines imposed on them, Abdel Ghany exclusively revealed to Invest-Gate.

He pointed out that such legislation aims to preserve rights of all parties; the consumer, developer, and state, explaining that the law regulates offering lands at affordable prices and obligates developers to fulfill required duties on time and to commit to the specifications of contracted properties.

Abdel Ghany further disclosed that the Real Estate Development Law, together with the Unified Building Law, is posed to be issued before the end of the current legislative session.


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