Counselor Osama Saad, Executive Director of the Real Estate Development Chamber at the Federation of Egyptian Industries, revealed that the chamber places great importance on the issue of the withdrawal of 4,000 acres of land in the North Western Coast by the New Urban Communities Authority (NUCA), affiliated with the Ministry of Housing. The value of these lands is estimated at EGP 110 billion, and the withdrawal decision was taken due to the landowners’ failure to comply with the conditions set by the authority.
Scenarios for Resolving Company Status
In exclusive statements, Saad confirmed that the Real Estate Development Chamber will hold a meeting with the Minister of Housing in the coming days to discuss several scenarios for resolving the status of the companies. These may include granting additional grace periods for compliance or repricing the lands based on a new market valuation. The committee still reserves the option of revoking the lands from non-compliant companies and reoffering them to other investors.
He emphasized that the state remains committed to supporting serious investors and offering the necessary facilities to resolve issues. At the same time, the government is determined to maximize the return on public assets, protect customers’ rights, and maintain stability in the real estate market in the region.
It is worth noting that some landowners did not adhere to the agreed construction rates outlined in the contracts when the lands were allocated.
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