Egypt granted on Tuesday a one-month exemption from paying late penalties for those who pay all outstanding arrears owed on their residential or commercial units, said Housing Minister Assem El-Gazzar in a statement.
The New Urban Communities Authority issued the decision to include administrative units, land plots regardless of their type and areas, villas and units on beaches, which are established by the authority.
The exemption is granted for those whose reservation of these units was cancelled due to them failing to pay their arrears, in case these units are still owned by them and were not reallocated for another person, said Mohamed Anwar, the deputy head of the Authority for Commercial Affairs.
The decision does not include the land plots that the authority repossessd from defaulting owners or the plots allocated to others under the partnership system or the arrears paid before this announcement, Anwar added.
The New Urban Communities Authority has so far introduced more than 462,000 housing units in 24 new cities, as part of its social housing projects, according to the authority’s website. This includes 270,000 units that have been fully constructed.
Housing units in the new cities are at nearly 3 million, including 916,000 units executed by the authority.