The New Urban Communities Authority (NUCA) has issued a directive to all new city authorities to cancel the allocation of all investment lands and plots designated for individuals through various mechanisms, within 15 days from the date of the decision.
The authority emphasized the implementation of this decision, which was issued on July 9, calling for strict action against all cases where the down payment was not completed by the specified deadline. This also includes cases where a full or partial installment has not been paid. The decision further covers instances where scheduled installments—or more than one combined payment—have not been fulfilled.
NUCA clarified that the cancellation will also apply to cases where two consecutive installments were missed either due to rescheduling or repeated failure to pay. It also includes cases where the buyer did not sign a contract with the authority within three months after the deadline for the down payment, as well as those who failed to obtain the ministerial decree within three months from the date of contract signing.
Additionally, the measure includes cases where the required licensing documents were not submitted within the three-month deadline following the issuance of the ministerial decree. This initiative aims to enhance compliance levels and expedite real estate processes within the authority.
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