MCI Implemented 80 Inspection Rounds to follow up the Real Estate Sale on the Map Program, during the first Quarter of 2015

18 May 2015
​More than thirty Notifications had been received about violating the Real Estate Marketing System outside the Kingdom
MCI has been carrying out its supervisory and control functions on the Real Estate sale on the map program, during the first quarter of 2015 AD. This program includes more than 17 thousand real estate units, where more than 80 follow-up and inspection rounds had been implemented in Makkah, Riyadh and Eastern Region.
The Ministry aims to follow-up the phases of performance, and to discuss the latest developments in such projects with the real estate developers, and to review the periodic reports issued by the chartered accountant and the engineering consultant, accredited by MCI for each project.
MCI announced that more than thirty notifications had been received against real estate companies and developers, who violated the real estate marketing system outside the Kingdom. The necessary investigation and legal procedures had been taken in that regards.
It is worth mentioning that the real estate sale on the map program, is one way to own a property at a lower price, as well as it allows the real estate developer to obtain direct financing through the payments of buyers.
Last Modified 26 Dec 2018