The Ministry of Housing and Utilities is preparing to offer 250 pieces of land in prime areas according to the public lottery system in a number of new urban communities, including Shorouk, Sheikh Zayed in Sixth of October, Obour and New Cairo.
The sale of these plots of land will be for cash at levels close to market prices, with the lottery winner paying 10 % of the land’s value to the Housing and Development Bank.
and paying the remainder of the amount following allocation of the land, stated the Head of the Commercial and Real Estate Department at Ministry.
The ministry is also preparing to offer land in new areas with utilities through an auction during the first half of 2010. According to the lottery system, individuals and corporates interested in buying land submit their details and the ministry randomly chooses the buyers through a lottery system at a public event.
Source: www.zawya.com
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