5 Companies to Launch Real Estate Registration Project

A coalition of 5 companies working in the information technology sector will launch a real estate registration title project within one month at a total cost of EGP 5 billion. The five companies include Prosylap, See, Act, Tele Tech,  and DMS. The project will be held cooperation with the Ministry of State for Administrative Development and the Ministry of Communication.

Mokbel Fayad,  CEO of Prosylap, stated that the coalition will address Dr. Ahmed Samir, Minister of Administrative Development, and Dr. Hany Mahmoud, Minister of Communication, regarding holding a tender for the project in the coming period. He noted that the coalition aims to obtain finance for the project by the payment-in-exchange-for service method which is  used in smart cards, given the inability of governmental bodies to provide the necessary liquidity.

Fayad added that the project will be carried out in several phases and the first phase will cost EGP 30 million. Determining the registered and unregistered apartments will depend on the statistics of the office of real estate.