FILE – Development works in Beit Al-Watan project
CAIRO - 29 November 2017: "Third phase of Beit Al-Watan housing project in New Cairo will be finished before the end of 2017," Minister of Housing Mostafa Madbouly announced Wednesday.
Madbouly said in a statement that developers finished building roads in eight districts, noting that they delivered land pieces for users in October.
Beit Al-Watan scheme is a part of the government’s plan to bridge a gaping budget deficit and to attract much-needed foreign currency, as this project is targeting Egyptian expats who are paying the value of acquired land plots in foreign currency.
By May, the New Urban Communities Authority (NUCA) sold 7780 land pieces allocated for Beit Al-Watan housing project over four phases with total payments reaching $2.8 billion.
The NUCA has initially offered 11,600 land plots for the project and obtained down payments and installments worth $900 million.
In addition, 3, 813 plots of land worth $1 billion have been offered in the cities of New Cairo, Sheikh Zayed, New Damietta, Badr, New Aswan, Sadat, New Asyut, New Aswan, New Qena and Obour with overall down payments reaching $240 million.