NUCA receives 700 requests for direct allocation of land

Shaimaa Al-Aees
1 Min Read

Walid Abbas, assistant minister of housing for community affairs, … New Urban Communities Authority (NUCA) said that the authority has received about 700 direct land allocation requests for different investment opportunities in several governorates.

On the sidelines of Think commercial Roundtable on Tuesday, Abbas added that the NUCA has decided on 400 requests out of 700 so far.

He noted that 210 companies have paid a large upfront payment of 10% of the value of plots until now.

The sale price was determined for 298 applications, and land plots with a total area of about 4,400 feddan were provisioned, with an estimated value of EGP 42.64bn, he revealed.

In a different context, Abbas disclosed that the NUCA intends to adopt 70 ministerial approvals for real estate projects in new cities during the fourth quarter of 2019.

Abbas pointed out that the total investment of projects scheduled for approvals by the end of 2019 amounted to EGP 300bn.

The assistant minister said that since 2014, the Authority has issued about 400 ministerial approvals for various real estate projects, including 90 approvals since the beginning of this year.

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