The New Urban Communities Authority (NUCA) has announced the offering of a plot of land in Hadayek October City designated for banking services. This offering is part of the investment opportunities available during the month of July, aiming to strengthen financial activities and expand the banking services sector within new cities.
The land is strategically located in the city’s service axis, identified as Plot No. CA-11, with a total area of 1,854 square meters. The price per square meter is EGP 22,030, and the full amount must be paid in Egyptian pounds. The plot falls under the category of small investment opportunities, defined as plots not exceeding five feddans in size.
The Authority has set the reservation deposit at 10% of the total land value. This must be raised to 25% within one month from the date the investor is notified of the Board of Directors’ approval of the allocation. Additionally, 1% will be charged as administrative fees, and 0.5% will go to the Board of Trustees. The final price will be determined by the Main Real Estate Committee.
As for the construction conditions, the Authority stipulates a maximum building ratio of 40% of the total land area. Building heights must not exceed ground floor + 2 upper floors, and developers must adhere to height restrictions set by the Civil Aviation Authority and the Armed Forces Operations Authority. Compliance with Civil Defense regulations is also mandatory to ensure public safety.
The investor is required to provide parking spaces within the land boundaries in accordance with the Egyptian Code for Garages and must respect setbacks of no less than 6 meters. The final land area will be determined by the City Authority’s Survey Department, and the actual delivered area will be the basis for financial calculations.
Developers are granted a construction period of up to 3 years, starting from the date of land handover. The remaining land value is to be paid in 6 equal semi-annual installments, with the first installment due 6 months after the down payment.
Installments will include financial charges, namely the interest rate announced by the Central Bank at the time of approval, plus 2% as per the Ministry of Finance instructions, and an additional 0.5% administrative fee.
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