NUCA‘s Real Estate Procedures Rules Awaiting Legal Confirmation

Eng. Mohamed Nabih, Vice Chairman of the New Urban Communities Authority “NUCA” for Real Estate Affairs, stated that the Authority’s rules of procedures for the real estate sector has been amended. He pointed out that the legal drafting has started after the participation of all parties, including investors and clients in the discussion about these amendments.

The next step includes presenting these rules of procedures to the legal administration at the Ministry of Housing and the  Egyptian Cabinet, expecting that such rules will be declared during next October, to be applied in the coming period with the Authority’s clients, including customers and citizens, he said.

He affirmed that the implementation period has been amended to suit the volume of the projects in order to abolish the fixed period prescribed by the old rules of procedures. He added that investors resented this condition due to the differences in the nature of the projects and their spaces and the fact that all projects have to be established in a certain period that does not take into consideration whether the project will be built on 50 acres or less.

Moreover, he explained that the new rules of procedures will avoid all the existing problems in the old ones and will take into consideration the discrepancies between building a university and a compound, stressing that all amendments will be carried out according to law no.89 of 1998.