Cairo, November 18, 2024: In line with its ongoing efforts to support developers working in the New Administrative Capital, which ultimately benefits citizens through faster project completion, the Board of Directors of the New Administrative Capital for Urban Development Company, under the leadership of Engineer Khaled Abbas, has approved a series of executive and financial facilitation measures. These include:
A reduction of up to 50% in execution fines if paid immediately, with the option to schedule the fines over 12 months without interest.
New incentives for developers who have completed 85% of their project's façade work.
Eng. Khaled Abbas: Ensuring citizens' rights is the main goal behind these new measures, and developers working in the New Administrative Capital are considered key partners in success
A 50% reduction in late payment fines for developers who schedule overdue installments according to the applicable conditions.
New rules for land plots that haven’t met the required execution percentages. These will now be valued at the current market price when the decision to re-deal with them is made, with developers given facilities to reschedule payments for the remaining land value.
All these executive and financial facilitation measures are temporary and will be available for a limited time.
For the first time, new incentives are introduced to speed up the completion of façade work for projects
Engineer Khaled Abbas commented, "The New Administrative Capital for Urban Development Company believes that real estate developers are key partners in the success of the project, and we are committed to easing their work through various initiatives. This ultimately ensures and protects the rights of the citizens."
He also added that a dedicated floor has been set up at the company headquarters to provide developers with necessary licenses. This includes a one-stop shop offering services from the National Research Center and a branch of the New Urban Communities Authority, where all developer requests and license issuance can be processed electronically. "We have the necessary technological infrastructure, and we aim to fully leverage it," he concluded.