NUCA Withdraws 42 Mln Meters from 10 Investment Companies
The New Urban Communities Authority is considering a decision to withdraw plots with space of 42 million meters from 10 investment companies in East Port Said. The plots will be withdrawn during the next few weeks after the investors’ attempts to reach settlements with the Authority have failed.
Eng. Mohamed Nabih, Vice Chairman of the New Urban Communities Authority for real estate affairs, stated that the Authority is planning to acquire the plots located in the “One Million People City” (Al Madina Al Milionia) in East Port Said and has already received the documents of such plots.
The Council of Ministers has decided to grant the Authority the right to terminate contracts with those who did not take serious steps in the construction process after 10 years from the date of receiving the plots.
In a meeting conducted last July, the Council of Ministers stated that the New Urban Communities Authority has to withdraw 42 million meters from unserious investors as per the law issued on the 30th of last January, stressing that the Authority will retrieve these plots during the next coming weeks.
On the other hand, sources at the Authority revealed that such plots will be offered again to investors, given that the Authority will assume supervision on these plots instead of the governorate of Port Said and that the project of the “One Million People City” will start by next year.
The total number of the plots that were allocated to investors reached 42 million m2, located in the industrial area in East Port Said but only 2 km have been developed by the company working in the development of industrial areas “Pharma,” which obtained 23 million meters, and the number of companies whose plots have been seized amounted to 14 companies.
