The New Urban Communities Authority (NUCA) has announced the offering of a plot of land in El Shorouk City under the immediate allocation system for the establishment of a nursery. The land is located in the Microwave area, with a total area of 1,476 square meters. The price per square meter has been set at EGP 11,880, bringing the total value of the land to approximately EGP 17.5 million.
The Authority explained that the building regulations for this plot stipulate that the building coverage ratio should not exceed 30% of the total land area. A building consisting of a ground floor and a first administrative floor to serve the nursery is permitted. In addition, setbacks of no less than 6 meters from all sides must be observed. The project must also comply with Civil Defense requirements, height restrictions determined by the Armed Forces, and provide dedicated parking spaces within the plot boundaries in accordance with the Egyptian garage code.
The Authority has set the project execution period at three years, starting from the date of land handover. Applicants are required to pay 10% of the land value as a reservation deposit and complete the payment up to 25% by paying an additional 15% within one month from the date of receiving the allocation approval. Furthermore, 1% is charged as administrative fees and 0.5% as Board of Trustees fees.
The remaining value of the land will be paid in six equal semi-annual installments in Egyptian pounds, with the first installment due six months after the down payment. The installments will incur financial burdens according to the interest rate announced by the Central Bank of Egypt, in addition to 2% as per the Ministry of Finance’s regulations and 0.5% administrative expenses.
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