Eng. Randa El-Menshawy, Minister of Housing, Utilities, and Urban Communities, confirmed that the ministry is preparing a draft law to establish a Real Estate Developers’ Union, paving the way for completing the necessary legislative procedures for its submission and enactment.
The move aims to establish a clear regulatory framework for real estate development activities and enhance market discipline, in line with the directives of President Abdel Fattah El-Sisi.
Clear Criteria and Regulations for Joining the Real Estate Developers’ Union
The minister explained that the draft law will establish clear criteria and regulations for joining the Real Estate Developers’ Union, ensuring that the union includes serious companies capable of implementing their projects and fulfilling their obligations to citizens.
State’s Commitment to Raising the Standard of the Real Estate Development Profession
She stressed that companies proven to be struggling or failing to fulfill their contractual obligations or deliver units to citizens according to the agreed deadlines and commitments will not meet the criteria for joining the union. This comes as part of the state’s efforts to raise the standard of the real estate development profession and support compliant companies.
Eng. Randa El-Menshawy said: «Our goal is to build a more disciplined and transparent real estate market that supports serious developers, protects citizens’ rights, and establishes clear standards for carrying out real estate development activities.»
Market Regulation Does Not Aim to Restrict Developers’ Activities
The Minister of Housing emphasized that regulating the market is not intended to restrict developers’ activities but rather to establish fair rules that ensure competition among serious companies, strengthen confidence in the real estate sector, and protect citizens’ rights.