26/01/2017
Secretary of the
Committee of real estate units sales in (Shorofat) meeting in Asharqia Chamber
Secretary
General of the Committee of the real estate units sales on the map in the Ministry
of Housing Muhammed bin Saud Al Ghazouani said that ( Wafi) program is a
program for regulating the activity of the sale or lease of real estate units
whatever the purpose or the style of
developing before and during the
development stage or the construction.
Al Ghazouani explained in Shorofat meeting which was organized by Asharqia
Chamber on Wednesday, January 26, 2017 titled
(discussing development), that the
program required developers to implement according to the time plan for each
project according to the models and specifications approved, with a vision to
be one of the distinctive leading programs locally and internationally in the
supervision a
real estate development, which aims to regulate the real estate sector and
contribute to increasing the supply of real estate units and reduce ownership
costs to facilitate citizen access to adequate housing.
He
said in the meeting that was chaired by Vicar of the Housing and Urban
Development Chamber of Engineer Hamed bin Hamri, that the role of Wafi lies in the license to sell, rent or
lease any real estate units on the map whatever the purpose or style developed
or created both residential and investment, service and tourism, commercial,
industrial and office or other
products.
He
said that ( Wafi) program includes in its membership the representatives
from the Ministry of Municipal and Rural Affairs and the Ministry of trade and
investment, and the Saudi Monetary Agency and the Saudi Organization for
Industrial Cities and Technology areas,
as the the relevant government agencies participating as a fund of the real estate development and the Centre for
developers Services (Itmam) and the Capital Market Finance Comittee.
About
the tasks of (Wafi) Al Ghazouani said that the program has several functions including:
licensing during a maximum period of 10 days from the application is complete,
and the development of the necessary conditions and requirements for a license
to be electronic instrument, also the conditions and requirements for the activities
of Marketing & Advertising and presenting the real estate units on the map, in
terms of operational benefits and conditions of the joint administration owners
associations for projects sales and leasing on a map, also the exceptions of
the contract regulations, the terms of the technical and financial
qualification for developers and marketers, brokers and real estate
practitioners.
Al
Ghazouani said that the total number of the licensed units in the Kingdom reached
41.905 units, the Eastern Region with 1117, in Riyadh 12805 units and in Jeddah
18801 units, declaring that the new regulations will take place on Sunday 5 July 1438 (April
2, 2017).
Finally the guest was honored with a memorial
shield.
