‘1.5 million feddans’ project cancelled for some buyers

CAIRO - 20 July 2017: The New Egyptian Courtside Company cancelled the delivery of lands within the government-owned project ‘Million- and – half feddans’ to some of the winners in the project’s first public lottery that has been previously held by the company, according to the company’s president Atter Hanoura.

“The cancellation is for the people who won lands in the lottery and were given two months period to establish their own companies, investment plans, construction scheme, set company capital, and provide a 25 percent down payment of the total cost of the lands but didn’t take any step to achieve these conditions,” Hanoura told Egypt Today.

He mentioned that some of the winners have previously requested an extension period to finalize their documents and payments prior to lands delivery and as a response the company has provided an extension of 30 additional days that ended July 18 to complete procedures and regulations mentioned in contracts.

“Following this extension period announcement, some people managed to finalize their documents at the designated time, others have completed their papers but will pay costs during these two days, and others didn’t care at all to respond,” Hanoura explained.

Hanoura emphasized that those winners of lands in the lottery and did not complete their papers or provide payments and have passed deadlines, will be exempted from the lands and will not be allowed to participate in any future lottery held by the company, adding that the retrieved lands will be re-offered in the next lottery.