NUCA Approves Payment Facilities For Overdue Property, Land Dues
Date
1/29/2025 9:22:55 PM
(MENAFN- Daily News Egypt) The New Urban Communities Authority (NUCA), under the leadership of Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny, has approved a set of payment facilities for settling overdue financial dues on various properties. These include residential, administrative, and commercial units, as well as land plots, villas, and beachfront properties developed by NUCA.
The new facilities offer a significant 70% waiver on late payment penalties for overdue installments, provided that full dues are paid within one month of the newspaper announcement.
Minister El-Sherbiny clarified that these facilities apply to both allocated properties and those with canceled allocations due to non-payment, as long as the property remains in the customer's possession and has not been reclaimed by the relevant authority.
However, the facilities are subject to specific conditions, including adherence to implementation timelines and the waiver of any legal claims against NUCA or its entities. Notably, the payment facilities do not apply to land that has been canceled, withdrawn, or is now in the possession of the authority. They also exclude any amounts due for completing the value of upfront payments.
In May 2023, NUCA had approved the renewal of certain incentives and facilities granted to real estate development companies, as part of measures to alleviate the economic challenges facing the sector. This ongoing support is aimed at easing the financial burden on both individuals and companies during challenging economic conditions.
These newly approved payment facilities reflect the government's continued efforts to offer financial relief and encourage timely settlement of outstanding dues for properties and land in the new urban communities.
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