The New Urban Communities Authority (NUCA) has announced the extension of the grace period for financial settlement, offering a 70% exemption on late payment penalties for overdue installments when the full amount is paid.
Below are the details of the benefits from this initiative:
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The grace period will last for two months.
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A 70% exemption from late payment penalties will apply to all overdue installments, provided the full overdue amount is paid. This applies to residential, administrative, and professional units, as well as commercial shops and plots of land of all types and sizes. It also includes villas and coastal units developed by the Authority.
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These facilitations apply to cases where the allocation is still valid.
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They also apply to cases where cancellation decisions were issued due to non-payment, as long as the property is still in the client’s possession and has not been repossessed by the authority.