The incentives apply to residential, administrative, professional units, commercial shops, all types and sizes of land plots (residential, commercial, service, investment, industrial, land regularization, and status adjustment, etc.), villas, and beachfront units developed by the Authority.
The move grants a waiver on late payment fines for
installments for a period of three months from the date of the announcement in
daily newspapers.
Minister El-Sherbini affirmed that this decision aligns with
the directives of the political leadership to facilitate procedures for
citizens and investors and to create an attractive investment climate across
various sectors, including real estate.
El-Sherbini explained that the approval entails granting
financial relief in the form of a 70% exemption from the value of late payment
fines on due installments, provided the full amount of delayed dues is settled.
It also grants a 50% exemption from the value of late payment fines if 50% of
the delayed dues are paid.
Additionally, an extra 10% exemption will be granted if
payment is made within 30 days of the announcement date.
The approval stipulated that these incentives can be utilised only once during the specified three-month period, subject to the controls and conditions outlined in the resolution.