4 Requirements for Real Estate Developers to Submit More Than One License Application for “Wafi” Projects”

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New amendments have been made to the draft regulations governing the activities of off-plan sales or leasing, four requirements for real estate developers to apply for more than one license for a small or medium-sized project at the same time. The off-plan sales and leasing program specified that the conditions are as follows:

1- Possession of a certificate of completion of the real estate developer qualification program.

2- The area of active projects to be licensed within a single plan must not exceed 25,000 square meters.

3- The developer must commit to not using buyers" funds deposited in the licensed project’s bank account for other projects, and must submit technical and financial reports for ongoing projects in accordance with the approved template.

4- The developer must submit a license application for a small or medium-sized project, after paying the required fee in accordance with the form prepared for this purpose, to the Committee in paper or electronic form, accompanied by a ”promissory note” in the amount of the construction costs of the project to be licensed.