MIDAR tightens delivery deadlines for Mostakbal City developers
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MIDAR, master developer of Mostakbal City and MADA in New Cairo, has accelerated construction schedules and will impose financial penalties on developers that breach contractual delivery timelines.
MIDAR for Investment and Urban Development has introduced revised and accelerated construction schedules across Mostakbal City and MADA in New Cairo, following agreements with developers operating in the two cities to speed up implementation and ensure timely handover of units and facilities.
Ayman ElKousey, chief executive and managing director of MIDAR, said the measures aim to strengthen oversight of construction progress and ensure developers comply with contractual timelines and delivery commitments, through regular monitoring, governance and advance planning while the company continues to provide infrastructure, facilities and master plans.
The company has set up specialised technical committees and will hold regular meetings with developers to assess implementation progress, identify potential delays and recommend corrective measures. It is also coordinating with relevant authorities to monitor compliance with approved development plans.
MIDAR said it will offer facilities to help developers manage economic challenges and maintain construction momentum, but retains the right to impose financial penalties where contracts are breached. ElKousey said developers had responded positively to the call to accelerate construction, citing their financial and technical capacity.
The master developer said it has attracted more than 36 developers and investors to its cities, including Saudi Arabia's Sumou Holding, the UAE's Emaar and Majid Al Futtaim, and Italy's Gruppo GKSD.
Enforcing delivery schedules matters for buyers in Egypt's new-city market, where off-plan purchases dominate and handover delays have repeatedly been a source of dispute between developers and homeowners.