2,000 Residential Land plots! Dubai committee approves immediate Allocation.

The prompt allotment of 2,000 residential land plots in the Umm Nahad Fourth region has been approved by a high-level commission led by the Crown Prince of Dubai. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, gave the directions that led to this.

The distribution took place while Dubai's Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum presided over the Higher Committee for Development and Citizens Affairs.

Beginning on Wednesday, July 27, the lands will be given out to worthy people who have received permits from the Mohammed bin Rashid Housing Establishment via the Maskani App. Citizens may choose the allotment sites that work best for them using the app.

The worth of home mortgages for Dubai residents has been increased to Dh1 million, with no interest rate being applied to qualified categories, as directed by Sheikh Mohammed bin Rashid's. The programme also changed the rules for a minimum balance to obtain residential property and reduced the prices of some of the Housing Establishment by about 10%. The monthly exemption for housing loan repayments was also reduced to only 15% of the borrower's monthly salary.

Several programmes have been supported to help residents of Dubai develop their own residential villas. These include waivers from mortgage fees applied to approved housing loans, and eliminating citizens buying houses for the very first time from electricity connection fees, given that the cost of construction does not outpace Dh4 million.

To strengthen ties between families and promote social cohesion, preference is given to accommodating the family members all in the same area.

Forward to the next 20 years, Sheikh Mohammed bin Rashid has already authorized a housing cost for Dubai residents totaling Dh65 billion.

News courtesy: KhaleejTimes