Rules & Regulations would be applied to protect the Buyers of such Lands, as confirmed by MCI
MCI, representing the sale of Real Estate on the map program, has issued the first license for selling undeveloped lands on the map, for the first phase of the commercial housing project in Al Kharj, with a total area of 4 million square meters. There are 2872 plots in such scheme. The area of the first phase of the licensed project is 1,400,000 square meters, including 743 undeveloped plots (31 blocks & 712 plots).
This comes within the Ministry`s efforts to facilitate real estate ownership for citizens, where this program allows buyers to get a property at a lower cost, in addition to granting the developer the right to get direct funding through the payments of the buyers.
This program also allows selling real estate units on the map, whether through direct sale or marketing real estate inside and outside the Kingdom, in addition to displaying real estate units in the exhibitions.
MCI has already decided to grant the real estate developers licenses to sell undeveloped lands on the map, in order to fulfill the requirements needed for the practice of early sale of real estate units in the Kingdom, for which the program of selling real estate on the map in the Ministry undertakes the supervision of its implementation and developing its rules and regulations. The Ministry aims, out of that, to protect the buyers of undeveloped lands on the map and preserve their rights.
MCI would like to invite the public and those interested in getting an idea about the conditions and requirements of real estate sale on the map program to access the website re.mci.gov.sa