Auction for 60 Residential Units in Obour City Announced by Housing Ministry

Eng. Hisham Darwish, Supervisor of the Construction and Contracting Sector and Chairman of the Housing Finance Fund at the Ministry of Housing, announced details for reserving 60 residential units in Obour City, Qalyubia Governorate. These units, located in the 14.85-acre extension of the Second District, will be sold via public auction based on the highest down payment on Sunday, November 24, 2024.

Key Features of the Units

• Unit Sizes: Ranging from 86 m² to 132 m².
• Ownership Benefits: Includes a share in the land and the parking garage.
• Financing: Available through the mortgage finance system.

Auction Details

• Time & Venue: 12:00 PM at Obour Youth Center, Qalyubia Governorate.
• Terms:
  • Bid sheets are available for 500 EGP from the Housing and Development Bank (Obour and Abbas El-Akkad branches) or the Fund’s headquarters in Nasr City.
  • A 100,000 EGP security deposit (cash or bank cheque) is required to participate, payable to the Housing Finance Fund.

General Requirements

• The bidder must be an Egyptian national with full legal capacity.
• Participants are required to inspect the unit beforehand, with submission of the purchase request confirming acceptance of the unit’s current condition.
• Required documents include the security deposit receipt, purchase request, valid national ID, and completed declarations.

Financial Terms

• The auction will start with a minimum down payment of 20% of the unit price.
• The winner must pay 10% of the unit value (including the deposit) on the auction day and administrative/banking fees.
• The remaining down payment must be completed within three months, with the balance payable in quarterly installments over two years without interest, starting February 1, 2025.

Additional Costs

• Contract and utility connection fees (gas, electricity, and water meters) are borne by the buyer.
• A 5% maintenance deposit must be paid before receiving the unit.

For further details, consult the Housing Finance Fund or obtain the auction documents from the designated branches.