Chairperson of the Egyptian Real Estate Council, Adel Lotfy, said that the council has completed a draft of the proposal for developing social housing for youth in partnership with the state.
Lotfy added that the council has submitted the proposal to New Urban Communities Authority (NUCA), which focused on setting a price ceiling for the sale of these units, to discuss and reach agreements on the draft for implementation and the provision of these units within the state initiative to provide housing for the most needy groups in the community.
He pointed out that the state had to shoulder a heavy burden in order to provide these units that exceed its potential, especially with the implementation of megaprojects and the establishment of new cities in different governorates, which requires cooperation and partnership between the state and the private sector to share this burden.
Furthermore, Lotfy noted that the council has also prepared a draft proposal for the Real Estate Developers Federation Law and submitted it to the NUCA and the ministry of housing for discussion, including several points that should be taken into consideration when establishing a federation of real estate developers.
“The council always focuses in its dealings to cooperate fully with all entities and bodies representing developers such as the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC), the Real Estate Development Chamber of the Federation of Egyptian Industries and Real Estate and Construction Committee of Egyptian Businessmen Association as concerned official bodies in the sector,” Lotfy explained.