The Cairo New Capital Developers Association has commended the recent decisions made by Engineer Sherif El-Shorbiny, the Minister of Housing, Utilities, and Urban Communities. These decisions were issued in response to requests submitted by the association during their first meeting with the minister following his appointment.
Engineer Mohamed El-Bostany, President of the Association, highlighted the minister’s swift response to more than four key demands presented by the board of directors nearly a month ago. This, he noted, reflects the government’s commitment to facilitating the work of developers and benefiting citizens alike.
Units and Land Transfers One of the key demands addressed was the reduction of transfer fees for units and land in new cities, which will now range between 2% and 3% instead of the previous 10%. El-Bostany explained that this move will unlock financial resources for the New Urban Communities Authority (NUCA) that were previously hindered by the high transfer fees. This decision has already been implemented.
El-Bostany also confirmed that the minister approved converting part of the basements in buildings for residential use, in addition to allowing fair completion of rooftop rooms, ensuring that those complying with building regulations are not disadvantaged compared to violators.
Small Investor Land Project Another significant request granted was the revival of the small investor land project for development companies. This initiative will provide affordable housing units for a broader segment of clients in Egypt, supporting both the developers and prospective homeowners.
The association’s board expressed their gratitude to the Minister of Housing for his swift response and emphasized that more collaborative steps will be taken with the ministry to resolve outstanding issues in new cities. They also praised the ministry’s exceptional activity during this period, calling for the opportunity to capitalize on this momentum to address long-standing challenges.
