The Property Development Committee of the Businessmen’s Association discusses the pricing of the units with the urban communities

Posted on: Saturday 17 December 2022 – 12:37 | Last update: Saturday 17 December 2022 – 12:37

We study contractors’ demands to extend the implementation of projects for 6 months
The Real Estate Development and Contracting Committee of the Egyptian Businessmen’s Association, chaired by Eng. Fathallah Fawzi, Vice Chairman of the Board of Directors and Chairman of the Committee, held a symposium with Eng. Abdel Muttalib Emara, Vice President of the New Urban Communities. Authority for Urban Development Affairs. To discuss and review investment opportunities in new cities, land offering mechanisms and facilities provided to developers and contractors.

The meeting was attended by ing. Ahmed Sabour, Dr. Nevin Abdel-Khalek, members of the board of directors, Eng. Alaa Fekry, first vice-chairman of the committee, and ing. Mohamed Ajlan, second vice chairman of the committee The meeting was attended by a large number of members of the association representing the Egyptian business community.

Engineer Fathallah Fawzi said that the committee is discussing with the New Urban Community Authority the facilities and procedures that will mitigate the unit price crisis and calculate the cost of projects. Due to the dollar crisis and the high prices of building materials and materials, either in relation to the adjustment of project implementation periods and programs or the payment of land installments to developers.

Fawzi added that the committee asked that it is important not to offer plots of land without introducing utilities. To ensure the speedy implementation of projects while expediting the operation of facilities in the new cities that are beginning to be inhabited, and to establish a mechanism for the participation of the private sector in economic and social housing projects in return for developers to acquire land in separate locations; To implement investment projects at market prices.

The members of the association appealed to the New Urban Communities Authority to give the lands a deadline of one year and to modify the project implementation programs for the developer and the contractor in light of the current circumstances, with the aim to relieve pressure on construction that drains dollars and so that the contractor is not forced to deal with traders to cope with the high cost of iron and cement, in addition to proposing the establishment of a procurement platform Direct supply of raw materials without intermediaries as a price exchange, and the return of the small investor was claimed.

Abdul Muttalib Emara, Vice President of the New Urban Communities Authority, unveiled new facilities for developers and contractors to pay land installments and the duration of project implementation, explaining that a decision is issued by the Board of Directors of the Authority to grant land to offers developers on 10-year payment systems, compared to the current systems, ranging from 3 years.Without interest and 7 years with interest, in addition to the commission studying the contracting companies’ request to extend the project implementation period for a new 6 months to extend.

Emara added that, in implementing the state’s current approach to encourage the private sector to undertake social housing projects and housing for all Egyptians, the authority is studying offering land to developers in different locations with a system of unit price comparison.

He emphasized that there are no problems related to developers’ access to land, as the Authority announces the presentation of plots under the allocation system on its website, from the 1st to the 15th of the month.

He pointed out that the mechanism of direct allocation of transfers from Egyptians abroad or foreigners takes place without competition, but on the condition that the purchase and the making of dollar transfers from outside Egypt to the Central Bank of Egypt.

The vice president of the New Urban Communities Authority revealed the authority’s readiness to offer the reservation of the homeland’s lands and housing units in dollars for Egyptians and foreigners, in addition to presenting advertisements for the reservation of housing units within a week , in addition to ceasing to offer 100,000. units in the sixth stage due to the difficulty of prices due to the instability of the current economic conditions.

Emara added that the authority is currently studying the availability of land for the small investor and support for the developer and the small contractor to meet the demands of small and medium-sized companies representing a wide sector of the construction and real estate. development sector.

In response to the difficulty of exporting Egyptian real estate to Saudi Arabia, Emara explained that the system of direct land allocation applies to the Saudi investor without competition and the purchase of real estate with the ease of exit and entry from funds as long as it is done in an official manner by the Central Bank.

He emphasized that all lands are available for the industrial developer through the direct allocation system in all new cities, including New Alamein, which has received a request from industrial developers in the current period, in addition to the availability of lands in New October for approximately 270 industrial hectares , as well as in Sadat City and the Tenth of Ramadan.

The vice president of the authority pointed out that the land allocated to individuals in the new cities will be offered with a model for external construction. To ensure the architectural pattern and civilized face of individual buildings.

He explained that the lands allocated to individuals will be presented by a unified model regarding the external facades, and as for the interior design, it will be according to the desire of the allocated piece of land.

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