By: Abdullah Bedeir
Cairo – Mubasher: The Real Estate Development Chamber, which is affiliated to the Federation of Egyptian Industries (FEI), is looking to get an additional six-month grace period to deliver projects previously awarded by the government, the chamber’s CEO Tarek Shokry said on Tuesday.
This extension is likely to be approved within the coming few days, Shokry said at a press conference held at the chamber’s headquarters in Cairo, adding that the new six-month grace period would allow real estate companies to finalise their projects on lands owned by the New Urban Communities Authority (NUCA).
Last year, the Real Estate Development Chamber requested a similar grace period so that companies could deliver their projects. The extension requested in 2017 was approved.
On another note, the Real Estate Development Chamber is coordinating with the Media Chamber to prevent fraud advertisements, Shokry noted.
The issue with advertisements arose after the chamber received complaints from individuals and media outlets that there were companies putting up fraudulent advertisements of new projects.
A ministerial decree would be necessary to publish advertisements for residential projects, while administrative projects will only need building permits to allow these ads.
Translated by: Mahmoud El-Zahwey
