Dubai committee approves immediate allocation of 2,000 residential land plots
Dubai committee approves immediate allocation of 2,000 residential land plots
A high-level committee chaired by the Dubai Crown Prince has approved the immediate allocation of 2,000 residential land plots at the Umm Nahad Fourth area. This came as per directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The allocation came as Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired the Higher Committee for Development and Citizens Affairs. “We follow up on the housing programme files continuously, to implement the directives of Sheikh Mohammed bin Rashid to provide all the needs of citizens and enhance their quality of life,” said Sheikh Hamdan.
The plots will be distributed starting Wednesday, July 27, to eligible citizens who have got approvals from the Mohammed bin Rashid Housing Establishment through the Maskani App. The app allows citizens to select the sites of plots that suit them.
Sheikh Mohammed bin Rashid had approved raising the value of housing loans for citizens in Dubai to Dh1 million, with no interest rate applicable to eligible categories. The package also included reducing the monthly deduction for housing loan repayments to only 15 per cent of the borrower’s monthly income; eliminating the condition that required a certain balance to obtain residential land; and reducing the prices of some the Mohammed bin Rashid Housing Establishment’s houses by about 10 per cent.
A variety of initiatives has been endorsed to assist citizens to build their residential villas in Dubai. These include exemption from mortgage fees applicable to approved housing loans, and exempting citizens building homes for the first time from electricity connection fees, provided that the construction cost does not exceed Dh4 million.
Priority is given to accommodating members of the same family within the same area to enhance family links and social cohesion.
Sheikh Mohammed bin Rashid had previously approved a housing budget amounting to Dh65 billion for the next 20 years for housing citizens in Dubai.
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source: khaleejtimes
