Publish Date: in Finance Today
Talaat Moustafa Group (TMG) has laid the foundation stone for the Noor City project in Capital Gardens City. This project is located close to the New Administrative Capital (NAC) in an area of 5,000 acres, with the aim of meeting the demand in East Cairo. With a total investment worth EGP 0.5trn, Noor City will generate taxes for the state worth EGP 110bn and provide about 3.3m regular and irregular jobs through the provision of residential, commercial, administrative, governmental services, to name a few.
Engineer Hisham Talaat Mostafa announced that the city is being developed in partnership between the TMG subsidiary, the Arab Company for Urban Investment, and the New Urban Communities Authority (NUCA).
Noor City will comprise of 140,000 residential units, buildings and villas, accommodating about 600,000 people from all categories. Accordingly, for the first time in Egypt, payment plans of up to 15 years are being set up under the supervision of the banking sector and in cooperation with select banks. These banks include the National Bank, Banque Misr, and Banque du Caire. Engineer Hisham Talaat Mostafa stressed that the goal of establishing the city is not for profit but rather to serve the people. Therefore, this project will offer down payments for residential units starting from 38,000 EGP and monthly installments of less than 3,800 EGP over 15 years.
this project will offer down payments for residential units starting from 38,000 EGP and monthly installments of less than 3,800 EGP over 15 years.
President Sisi’s real estate financing initiative, will also significantly facilitate matters. For instance, through this initiative, you can choose the apartment that suits you, and the bank will buy it on your behalf, allowing you to make repayments of up to 30 years at 3% decreasing interest. In addition, your income will determine the price of your residential unit. For example, if your income is 4,000 EGP or less, you can choose an apartment in the range of 350,000 EGP. On the other hand, if your income is more than 4000 EGP and less than 10,000 EGP, you can choose an apartment within the 1.1 million EGP range, where the down payment is a minimum of 20% of the unit's price.
This initiative has yet to be registered, however a brochure outlining all details will be available very soon.
If you’d like to find out more about all its conditions and details, check out The Central Bank Initiative For Real Estate Financing March 2021.