The New Urban Communities Authority (NUCA) expects to collect EGP 50bn from adjusting conditions of 12,500 acres in the Green Belt area in 6th of October City following the cancellation of its allocation to 6th October Agriculture Company.
NUCA determined the change of activity fee at EGP 816 per square metre, including EGP 435 to change the activity from agricultural reclamation lands to residential activity and the main facilities, and EGP 381 for internal facilities.
According to sources in the Housing Ministry, NUCA aimed at adjusting the condition of the 12,500 acres during the next fiscal year.
The sources explained that the authority allowed land owners to keep 50% of their land in case they want to reconcile without payment, which can provide land for real estate companies.
They pointed out that the resale of the restored land will ensure large proceeds, especially since the price will range between EGP 2,500 and EGP 3,000 per metre.
NUCA defined the structural percentage of the land at 15%, with internal facilities covering not less than 5 acres, with the possibility of dealing with more than one owner of an area of not less than 100 acres.
The payment can be in cash or instalments, through paying a 25% deposit and the rest over three years without interest, or a 15% deposit and annual instalments over three years with interest.
Tarek Al-Sebaie, the vice-chairperson of NUCA, said that the first stage will include the plots 7, 8, 9, and, 10.
He pointed out that land owners in these plots have to address the 6th of October authority to learn about the proposed plan for these areas and fill the applications, starting from 16 June until 20 July. NUCA had cancelled its contract for the sale of 12,500 acres in the Green Belt with the 6th of October Agricultural Company due to lack of seriousness and violations of the terms of the contract.