Egypt’s NUCA issues new regulations for land allocation process
REGULATION WATCH- NUCA issues new regulations governing how land is allocated: The New Urban Communities Authority (NUCA) has approved a new regulatory framework for how land is allocated to investors for service and mixed-use projects, Housing Minister Assem El Gazzar said. Under the new regulations, NUCA will be required to allocate land based on investor preference and each city or town’s development priorities. A specialized committee will be mandated with determining the price of the land. Investors will also be required to submit feasibility and solvency studies with their land allocation requests and will be required to pay a 10% down payment for the land as proof of commitment. Investors who back out later will only get back half of the down payment.