The off-plan sale or lease program “Wafi” announced new mechanisms to enable real estate developers to pay the value of the projects’ land from the escrow account, with the aim of facilitating financing their business to contribute to enhancing the real estate supply. Residential ownership will reach 70% by 2030, and the Secretary-General of “Wafi” Nayef Al-Sharif said: The specific mechanisms to enable developers to pay the value of the project land come in two installments, the first when the collection rate reaches 30%, and its amount does not exceed the amount that can be used by the collector for non-costs construction or the percentage of the value of the land from the first payment, or whichever is less. As for the second payment, when the collection rate reaches 75%, and its available amount does not exceed the amount that can be used by the collector for non-construction costs or the percentage of the value of the land from the first payment, or whichever is less, deducting what was paid in the first installment. The committee recently announced the completion of 16 housing projects in (Riyadh, Jeddah, Al-Khobar, Al-Ahsa) with a total sales value exceeding 2.3 billion riyals, on areas exceeding 638,000 square meters. Najza has begun handing over a large number of its units to beneficiary families within a housing program according to the prepared timetables, and “Wafi” obliges real estate developers not to sell or rent any real estate units that have not been completed until after completing the necessary licenses for them, ensuring that money is collected from buyers only in The escrow accounts designated for this, and they shall not be disbursed except based on completion percentages and exchange documents approved by the engineering consultant and legal accountant. It is noteworthy that the “Wafi” program provides the necessary licenses for projects under construction and monitors their completion percentage and quality of implementation, and grants licenses for the sale, marketing and leasing of real estate units on Map to promote the increased supply of housing units.
“Wafi” projects:
– 110 billion riyals of project investments.
At least 100 projects have been approved.
16 projects in 4 cities have been completed.
– 2.3 billion riyals, the value of the newly received projects.
– Precise drainage controls to prevent tripping.
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