The development work for the first year of the Real Estate Balance Program in Riyadh is progressing, with field work advancing to prepare the plans and implement the infrastructure components in the sites allocated to the beneficiaries, according to the Saudi Press Agency.
The works include the implementation of road, water, sewage, electricity and communications networks, in addition to the development of the public space and the creation of parks, in accordance with the approved planning and technical programs and specifications.
The development works constitute a step within the executive path of the program aimed at providing planned and developed residential lands, which enhances the housing supply and contributes to reducing the gap between supply and demand, and supporting balance in the real estate market in the capital.
The first year of the program saw the allocation of 10,024 residential plots through electronic lottery, with a total area of 6,380,600 square meters, distributed across a number of sites within Riyadh, which were chosen in accordance with the urban mass of the city and its growth targets.
Work on the plans continues according to the specified timetables, in parallel with the completion of procedures for beneficiaries, in preparation for completing the preparation and development of the lands in accordance with the approved urban standards.
