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Abdulrahman Al-Mesbahi (Jeddah) @ sobhe90
Okaz learned that the Ministry of Housing recently authorized small and medium-sized businesses to invest in the sale and leasing of card real estate for residential, commercial, investment, office, service, industrial and tourist.
The ministry has stipulated that the developer who wishes to obtain a license for small and medium enterprises should provide a guarantee of the order of one million riyals for small projects and 3 million riyals for projects. medium size, as well as a copy of the commercial register of institutions or companies and a certificate of security of the developer's credit file issued by an approved company The date of issue of the certificate shall not exceed 3 months from the filing of the application, a copy of the electronic property property project property, a letter of approval certifying the marginalization of the land act of the project certified by the House of business and legal licenses, The competence to approve the establishment of the project, the standard contract with the beneficiary accompanied by the 'project owners system Association by the ownership of real estate units es and sorting system, and schedule payments and the status of units to the project, the number and spaces.
The ministry classified small projects not exceeding the construction area of more than 5,000 square meters, while medium-sized projects ranging from (5 to 10) thousand square meters.
According to the Ministry of Housing, the new rules will have four advantages: to encourage real estate developers to develop governorates and urban centers, to encourage small and medium-sized enterprises to invest in real estate development, to reduce the costs of real estate development projects related to housing. sale on the map and set the minimum requirements for small or medium projects allowed to carry on an activity.
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