The Real Estate Development Chamber intends to prepare proposals on the amendments to the Real Estate Registration Law, Invest-Gate reports.
The new amendments aim to register the units as a condition for facilities and services, according to an official statement on February 28.
This comes within the framework of the Chamber’s support for the moves of the cabinet and the Mostakbal Watan Party to tackle a legislative amendment to the laws, aiming to facilitate the registration steps and preserving the state’s right, the statement reads.
On his part, Tarek Shoukry, head of the Real Estate Development Chamber, says that the chamber will discuss the changes that the market is witnessing such as the real estate registration law.
He further adds that despite the high value of the goal, there are many reservations about these amendments.
Moreover, Shoukry indicates that the Chamber prepares an integrated study on law enforcement mechanisms, in line with the Mostakbal Watan party.
Shoukry also elaborates that registering units has been a main requirement of the chamber and all developers in the real estate market over the past years, especially since there are approximately 95% of real estate units are unregistered.