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Wednesday, 3 June 2020

NUCA to reduce late fees on homes, businesses in new cities to encourage property owners to pay their arrears

NUCA to reduce late fees on homes, commercial property in new cities to encourage property owners to pay their arrears: The New Urban Communities Authority (NUCA) will cut late fees owed on residential and commercial property in new cities for the next two months to spur property owners to pay off their arrears, the Housing Ministry said in a statement yesterday. Starting 4 June, owners of homes, offices, shops, as well as residential and industrial plots, will see their late fees reduced by slashed entirely if they pay all of their arrears within the next two months; reduced by 70% if they cover 75%; 45% if they pay 50%; and 20% if they pay 25%.

What are the conditions? NUCA VP for Commercial and Real Estate Affairs Mohamed Anwar said that the waivers apply to occupants who did not evacuate their homes following nonpayment. The occupier must be the owner with no other properties in the same city, construction must meet all legal requirements, and applicants will need to drop any legal claims against the authority. The exemptions do not apply retroactively.

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