Gov’t rethinks North Coast land pricing: The New Urban Communities Authority (NUCA) has suspended new land allocations on the North Coast to allow for a comprehensive update of pricing policies of plots around Ras El Hekma through to Alam El Roum, government sources told EnterpriseAM. The move comes as the government reviews land valuations in light of new road networks and the flagship Ras El Hekma project.

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Repricing incoming for new projects: The repricing drive is expected to reset land values for future projects in the area, while NUCA also plans to cancel its land withdrawal mechanism.

Flexibility on existing fees: Authorities are also softening the terms of the EGP 1k per sqmimprovement fee levied on local North Coast developers and the USD 20 per sqm fee on foreign players, the sources told us. The fees will now only apply to undeveloped land. In cases where developers acquired land via transfers, NUCA is reviewing each case individually.

Dozens of appeals under review: NUCA is still processing a backlog of complaints, having received some 50 appeals from 33 developers, of which a portion has already been resolved. Another 123 companies have moved ahead with their projects after settling financial dues and obtaining licenses, according to the sources.

REMEMBER- Earlier this month, NUCA adopted more lenient terms allowing developers to settle 20% of fees upfront and the remainder over five years. Foreign developers remain obliged to settle fees in a single installment.

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