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Take care of the Egyptian legislator
Engineer Tariq Shukri, Chairman of the Real Estate Development Chamber of the Federation of Industries and Deputy of the Board of Directors, said:

 Legislations aimed at regulating the real estate market and controlling new developers who are not white on continuity are underway
The relationship between the three parties (developer – buyer – the state represented in the bodies)
The bill provides for the establishment of a real estate developers association that will be responsible for issuing licenses, monitoring companies’ performance, imposing penalties on violating companies and separating companies and clients in cases of dispute.

The Real Estate Developers Association will be able to classify companies into seven categories
Each company will acquire specific lands commensurate with its financial capabilities, technical expertise, and previous business history.
This can prevent delays in the implementation of projects and prevent companies from stumbling

It aims to organize the developers themselves through regulatory mechanisms, such as giving the developer a number as a fingerprint, which
Provides all information about him and his history in the market
Companies will face fines ranging from 10,000 to 10 million in the event of violating contracts concluded with customers or missing pre-set delivery dates.

 Creating a third party to act as an independent auditor. Among these additional burdens, maintenance expenses for real estate projects can be included.

The customer has the right to stop paying the installments if the company defaults on the delivery period by one year as a maximum
And also the decision not to announce the marketing of any real estate projects until after the completion of 30% of the project

This is to guarantee the rights of the barriers and the seriousness of the developers, especially that some are selling housing units at a time when the construction of these units has not started and that the role of the state is an organizational role to preserve the citizens’ money and interests

And the deputy of the Housing Committee in the House of Representatives is sure that these legislations were discussed over 4 sessions to reach that formula