2023-08-06 23:25:00
The New Urban Communities Authority, represented by the Ministry of Housing, announced the offering of plots of land with service and residential activities throughout the Republic in the new cities, with the immediate allocation system.
Investment opportunities in the tenth of Ramadan
The authority has determined the plots of land in the 10th of Ramadan city, according to the investment system, with the right to usufruct through food and agricultural activities. Plot No. 1 is located in the northeast of the city, with an area of 2,041,200 square meters. This fertile land offers a wonderful opportunity for agricultural investment with an annual usufruct value of 2,184,570 Egyptian pounds, with an insurance value of 218,457 Egyptian pounds.
Land use controls and conditions
However, some rules and regulations regarding use must be observed. It requires keeping the environment clean and a commitment not to overcrowd the designated area. Existing facilities, if any, must also be preserved, and damage to the uses surrounding plots of land should be avoided. Finally, the current laws and regulations must be adhered to, especially Law No. 140 of 1996 regarding occupancy and the allocation mechanisms for a usufruct system in force in the New Urban Communities Authority.
Renewal of usufruct and follow-up obligations
The Authority grants usufruct for a period of 15 years, subject to renewal, in accordance with the allocation mechanism with a usufruct system in force in the New Urban Communities Authority. However, investors must commit not to exploit the site for a purpose other than its intended purpose, and to abide by all current laws and regulations.
In conclusion, the New Urban Communities Authority offers multiple opportunities for investors to take advantage of the lands offered for allocation. By adhering to the specific rules and laws, maximum benefit can be made from these investment opportunities.
Financial requirements for residential lands in the tenth of Ramadan
Subscribing to residential lands in the 10th of Ramadan requires some important financial requirements. First, the owner of the accepted offer must pay a final deposit equivalent to 10% of the value of the license to usufruct for a period of 3 years within ten days from the date of being notified of the acceptance of his offer. This insurance must remain in effect for the term of the license. Secondly, he must pay the annual value of the usufruct at the beginning of each year, within a period not exceeding one month from the due date.
Land reservation and allocation mechanism
Individuals and companies can apply for investment opportunities in residential lands through the online portal. The application is studied and the student is notified of the acceptance or rejection of the technical application electronically.
Allocation to lands less than 5 acres
The closed financial envelope is presented and includes the financial offer form showing the price per square meter provided by the company for the land. Bidding takes place on the announced price of the land that has been applied for, in the financial sector of the Authority during the specified days of the month.
In the event of equal or more bids, preference will be given to bids paid in US dollars. In the event of equality, the lottery shall prevail. Bids are decided on the basis of the highest price that exceeds the price announced on the Authority’s website.
sessions and decisions
The financial offers are studied by a committee formed by a decision of the Board of Directors of the Authority. The company must complete the reservation seriousness difference according to the submitted financial offer within 7 working days from the date of the financial opening session. In the event of non-compliance with this period, the offer is rejected and 50% of the seriousness of the paid reservation is deducted.
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