The Workflow in Various Regions of the Kingdom is followed up, as confirmed by MCI
MCI has announced that the total value of selling real estate units on the map reached SR 320.800.000 during the second quarter of 2015 AD.
MCI confirmed the continuation of its supervisory functions and following up the projects of real estate development, including selling more than 18 thousand real estate units on the map. Nearly 60 inspection rounds were implemented to follow-up and to monitor the operation and workflow of such projects in various regions of the Kingdom.
The Ministry also announced receiving more than five complaints against real estate development companies engaged in selling real estate units on the map without a license, and other companies violating the licensing system of marketing real estate units outside the Kingdom. The necessary investigation and legal procedures had been taken in that regard.
MCI aims, out of that inspection rounds, to follow-up and supervise the implementation stages, and to discuss the latest developments in the workflow with the real estate developers, as well as the periodic reports issued by the chartered accountant and the consultant engineer accredited by the program for each project.
The real estate projects, supervised by the Ministry (included 18 thousand real estate units in various regions of the Kingdom), valued more than SR 20 billion riyals, including villas, apartments, office units, commercial units and land development.
The program of selling real estate units on the map is considered one mean of acquiring a property, It allows the buyer to get the property at a lower cost, as well as it allows the real estate developer to obtain direct financing through the buyer payments.
It is worth mentioning that this program is giving licenses to sell real estate units on the map, whatever the purpose is, also selling lands on the map, as well as marketing real estate units on the map inside and outside the Kingdom and offering real estate units on the map in exhibitions.
The mechanism of selling, developing and purchasing real estate units through the program of selling on the map is considered one of the programs applied globally, as it gives flexibility to buyers and developers, in the purchase and financing process. The buyers can choose the design of their units as they like.
Besides, this mechanism also contributes in reading and foretelling the market requirements of the types of real estate units before starting construction, as well as affording suitable prices to buyers in the early stages of construction.