The Minister of Housing, Utilities, and Urban Communities, Eng. Sherif El-Sherbiny, announced that reservations for 42 fully finished administrative units with diverse activity options will open tomorrow in El-Kharga City, New Valley Governorate. The units, each spanning 100 square meters, will be sold on a first-come, first-served basis through the Housing Finance Fund. Interested applicants must submit their reservations at the fund’s office in the 25th of January District in El-Kharga.
Project Overview
The announcement came as the minister reviewed the progress of the residential and administrative units in the Dorra El-Wadi project, developed by the Housing Finance Fund. The project, covering 50 acres, aims to create a fully serviced residential district in El-Kharga.
Reservation and Payment Terms
Eng. Hesham Darwish, Advisor to the Ministry and Chairman of the Housing Finance Fund, outlined the reservation process and payment terms:
- The terms and conditions booklet is available at the fund’s offices in El-Kharga’s 25th of January District and Nasr City.
- A refundable deposit of EGP 100,000 is required to secure a unit, along with a 2% administrative fee.
- Within one month of reservation, buyers must complete a 20% down payment of the unit price, plus a 2% administrative fee on all payments.
- Three months after the down payment, a 10% contract installment must be paid.
- Another 20% installment is due three months after the contract payment, along with a 5% maintenance deposit before unit handover.
Flexible Payment Plans
The remaining balance can be paid as follows:
- One-year plan: Interest-free, with equal quarterly installments starting three months after unit handover.
- Three-year or five-year plan: Equal quarterly installments with Central Bank interest plus 2%, starting three months after unit handover. Buyers must provide post-dated checks for the installment amounts before receiving their unit.
This initiative aligns with the ministry’s goal of expanding administrative and commercial opportunities in New Valley, supporting urban development and investment in the region.
