Abbas added that according to the new decision, the facilitations and incentives will be in effect until next November, after they began in December 2024 and ended last May.
He continued that the extension decision comes in response to the demands of a number of developers and as a continuation of the support provided to the real estate development sector with the aim of accelerating implementation and adhering to timetables.
The incentives and facilitations offered by the Administrative Capital
Company to real estate developers include a reduction of fines for late project
implementation by up to 50% in the event of immediate payment, with the
possibility of rescheduling implementation fines for 12 months without
interest, to facilitate companies.
The facilitations also include granting additional incentives to developers who have completed 85% of their project facades, encouraging improved visual image, and a 50% reduction in fines for late installments if an agreement is reached to reschedule late installments. The Administrative Capital Company allows developers to re-deal on plots of land that have not met the required implementation rates, granting them an additional grace period to address any delays and complete implementation.