CAIRO: Minister of Housing Ahmed El Maghraby announced that a total of 20,000 units of have been completed under the national housing project. The minister made the announced during a routine visit to the districts involved in the project. El Maghraby visited Sixth of October City and Sheikh Zayed on Aug. 12, where 9,300 and 10,368 units respectively, will soon be handed over to buyers. He lauded the efficiency with which the project is being implemented and said he was certain that most of the units -if not all- will be handed over on time. The residential areas will be equipped with markets, healthcare facilities, schools, recreational clubs, youth centers, and police stations. El Maghraby said the aim is to provide people with everything necessary to live a carefree life. Around 500,000 housing units will be built in the next six years, with the government giving LE 15,000 loans to each buyer. Engineer Ahmed Fouad, who works on the project, told Daily News Egypt that: The LE 15,000 will be given in three intervals: LE 5,000 at the start of construction, another LE 5,000 when the roof is built, and the last sum when the whole house is complete. The payment plans are meant to alleviate the financial pressure of buying a house. First, a down payment of LE 5,000 will be paid, and the remainder will be paid in monthly installments of LE 160 over 20 years, with an annual interest rate of 7.5 percent. Because all citizens have different needs in different price levels, the project is split into seven categories, each category will suit its buyer, said Fouad. If the buyer wishes to add more floors to the structure, they must do so at their own cost, continued Fouad. The units will take up a total of 30,000 acres, with 1 acre measuring 4,200 meters. Each meter costs roughly LE 145, which leads to a total of LE 15,000 per unit and eventually LE 24 billion in the next six years. The housing project was part of President Hosni Mubarak's 2005 electoral campaign. The project will culminate at the end of the six-year term.
