The first hours of releasing the conditions booklet of “Sakan Misr” project saw a high demand on purchasing the booklet across all Housing and Development Bank (HDB) branches.
Earlier, Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly announced the buying date of the conditions booklet to be on 15 August to reserve the first group of the project that includes 40,000 units in areas of New Cairo, New Damietta, Obour City, Badr City, New Minya, 6th of October City.
Madbouly said that to book a unit in this project, the applicant must be at least a 21-year-old Egyptian and to have not previously purchased an apartment or a piece of land from the ministry. Finally, the family cannot apply for more than one unit.
Regarding the booking system and the allocations in the public tender, Madbouly pointed out that submitting the data form attached with the conditions booklet and paying off the price (to show the seriousness of the buyer), determined for each city and unit size in the conditions booklet, between 10 September 2017 to 5 October 2017 across all branches of the HDB.
Madbouly assured the importance of following the specified required data in the form attached to the conditions booklets, as the ministry will not pay attention to any form missing one of the required information, or that includes wrong data, or does not follow the specified requirements.
In terms of financial conditions, the Minister of Housing said the price per metre in each city is determined in the conditions booklet, adding that the applicant has to first pay the price that represents the down payment. Then in case the applicant won the public tender, the applicant will pay off 20% of the total price of the chosen unit, in addition to 1% of the unit price as administrative expenses, plus 0.5% of the unit price for the board of trustees, within two months since the date of the public tender without notifying the buyer.
In case of paying the remaining 80% of the total unit price within 2 months after the public tender, 7% of the unit price will be deducted, according to Madbouly.