Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar stated that a six-month grace period has been granted starting from last Thursday for constructions projects in new cities.
The decision was approved by the Board of Directors of the New Urban Communities Authority (NUCA) in a previous meeting in response to requests submitted to the authority. The measure was taken to extend the period of contract implementation amid the negative effects of the Russian-Ukrainian War.
Hatem Mahmoud Hassan — VP of NUCA for Real Estate and Commercial Affairs — explained that the grace period applies to projects allocated for real estate investment companies, associations, unions, and authorities in new cities.
This period shall apply free of charge on lands that had previously been granted a grace period in return for a fee and are still valid from the date of the announcement, provided that the period is postponed (in return for a fee), and the situation is re-evaluated in light of the percentage of completion on the date of the end of the period.
Moreover, the mentioned period is given according to the continuation of the partnership ratio in accordance with the contracts previously concluded, and the adherence to the terms of the contract with regard to the timely delivery of in-kind shares and cash flows, Hassan concluded.