The New Urban Communities Authority (NUCA) announced the sale of a land plot in the northern area of the Commercial Syndicate in Hadayek October. The land covers an area of 56,759 square meters, costing 4,780 EGP per square meter, bringing the total cost to approximately 271.3 million EGP. The project must be completed within three years, with 50% of the total area designated for residential use. The residential building ratio must not exceed 50%, with height restrictions set at a maximum of two floors for villas and five for apartment buildings. Additionally, rooftop rooms for services are allowed, provided they do not exceed 25% of the ground floor area.
Service areas will occupy between 5% and 12% of the total land area, with specific building ratios allocated for different activities:
- Commercial, administrative, and educational activities: Up to 30%
- Social clubs: Up to 20%
- Entertainment services: Up to 10%
Most service buildings can be built up to two floors, except for nurseries, which are limited to a ground floor and an additional administrative floor.
Regarding the payment mechanism, 25% of the land value must be paid in Egyptian pounds, with 10% already settled and the remaining 15% due within one month of the official board approval notification. There are also administrative fees of 1% and an additional 0.5% for the Board of Trustees, with the final price determined by the Main Real Estate Committee.
The remaining land cost will be paid in six equal semi-annual installments in Egyptian pounds, with the first installment due six months after the initial down payment. All installments will incur financial charges based on the interest rate set by the Central Bank of Egypt, plus 2% per the Ministry of Finance’s regulations and 0.5% as administrative fees.
