The Board of Directors of the New Urban Communities Authority, during its meeting chaired by Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, approved the introduction of facilities for the settlement of overdue financial dues related to residential, administrative, and professional units, commercial shops, and lands of various types and sizes — whether residential, commercial, service, investment, industrial, or lands under reconciliation and status adjustment — in addition to villas and beachfront units developed by the authority.
These facilities include exemptions from late payment penalties on due installments at specific rates and under certain conditions, for a period of three months starting from the date of announcement in daily newspapers.
Engineer Sherif El-Sherbiny highlighted that this step comes in line with the directives of the political leadership with the aim of easing financial burdens on citizens and investors, and creating an investment-friendly environment across all sectors, particularly the real estate sector.
He added that the approval includes a 70% exemption from late fees in the event of full payment of all outstanding dues, and a 50% exemption in the event of paying 50% of the overdue amount. An additional 10% exemption is granted if payment is made within 30 days from the date of the announcement.
Benefiting from these facilities is limited to one time only within the specified period, in accordance with the regulations and conditions stated in the decision.
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