The Secretary-General of the Off-plan Sale or Rent Committee “Wafi” Nayef Al-Sharif explained that 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-construction costs 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 the amount available for use by the collector for non-construction costs or the percentage of the land value from the first payment, or whichever is less, does not exceed what was paid in the first payment.
It is noteworthy that the “Wafi” program offers a package of licenses for off-plan sales projects, and tracks their completion rates and quality of implementation, in addition to motivating and qualifying real estate developers to create distinct and integrated projects that meet the aspirations of the real estate market. The program grants off-plan sales licenses to all residential, commercial, industrial and other real estate projects; To promote an increase in the supply of real estate units and enhance investment in the sector, in addition to contributing to increasing the proportion of housing ownership for Saudi families to 70% by 2030; In line with the objectives of the Housing Program (one of the programs of the Kingdom’s Vision 2030).
.
