The New Urban Communities Authority (NUCA) has announced new regulations for acquiring investment lands in exchange for settling companies’ financial dues. These regulations include pricing different types of land, possibly reducing their value by at least 50% of the companies’ outstanding dues. The Main Real Estate Committee determines the final price upon submission of the allocation request.
NUCA has decided to grant investors and real estate developers a 16% discount on all lands and activities in cases of cash and in-kind payments. The total value of the lands will be determined, including all financial burdens, to be paid in full or distributed over the due installments. Additionally, investors are exempt from the required premiums under the bulk system, provided that the allowed built-up areas are not exceeded.
However, these facilities do not apply to lands with outstanding non-rescheduled financial dues, lands involved in legal disputes, social housing lands, small plots, or partnership lands.