Applicants for the medium-level housing project, entitled Dar Misr, can amend their reservation details from 26 April to 14 May, the New Urban Communities Authority (NUCA) announced in a Sunday statement. The Ministry of Housing had announced the details of the first phase of the project in November 2014, highlighting that the phase will include 30,000 residential units, to be located in New Cairo, New Damietta, 6th of October City, Al-Shorouk, Obour City, 10th of Ramadan, Badr and Sadat cities. The total number of units targeted through the project is 150,000 residential units. The most expensive units in the first phase are located in New Cairo, priced at EGP 637,500 for 150 sqm units; however, while the cheapest units are located in Sadat City, at 255,000 for 100 sqm units. Reservations of the units are done through the branches of the Housing and Development Bank. Applicants for the project should pay 10% of the unit value when reserving, and another 10% of the value when selected on a lottery basis. According to the rules of the project, payment of the rest of the unit value can be done through paying quarterly instalments over four years, with the value of each instalment at 5% of the unit value. The other method of payment is through benefitting from the Central Bank of Egypt (CBE) mortgage initiative, if the value of the unit is less than EGP 400,000.
