NUCA to Receive 3.000 Apartments from Madinaty

The New Urban Communities Authority has received 3.000 apartments as the first batch of the government’s share in Madinaty project, which amounts to 7% or 13.8 apartments, to be delivered in 20 years starting from 2005.

Eng. Mohamed Nabih, Vice Chairman of the New Urban communities Authority (NUCA) for real estate affairs, declared during his interview at El-Sha’ab Yored (People Want) program that NUCA has assigned the Housing & Development Bank to sell 100 apartments across El-Rehab city, in addition to other 100 apartments in Madinaty. Whereupon, NUCA will consider whether the selling process, to be carried out in an auction, will be based on the apartment’s price or the highest down payment as per the specified price. He highlighted that the latter selling method is the most likely to be followed, noting that the price of the meter will amount to EGP 5.6 thousands according to the selling prices of Madinaty project.