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Pyramisa challenges a governmental decision to withdraw half of allocated land

Wednesday 27 February 2019 03:24 AM

Pyramisa Hotels & Resorts.
Pyramisa Hotels & Resorts.

By Sherif Omar:
Pyramisa Hotels and Touristic Villages Co. (PHTV) has filed a lawsuit in the Administrative Court to challenge a decision by the 6th of October City Development Authority to withdraw 25 feddans, representing 50% of a land plot allocated for the firm Hadayek October.
In a statement, the company said that the court has referred the case to the Board of State Commissioners.
PHTV has explained the details of proceedings saying that it submitted a request for allocating a plot to build apartments. The Urban Communities Authority (UCA) approved to give 50 feddans to Pyramisa through 4 phases, 12.5 feddans per each.
On October 1, 2007, the company signed a contract with UCA to purchase a plot of 12.5 feddans, with the promise of selling the remaining allotted plots at the same price and under the same conditions in order to construct low-cost housing units. In January 2010, the firm signed a contract to purchase another plot of 12.5 feddans over which Palm View project was carried out.
In September 2017, Pyramisa paid EGP 1.7mn in favor of the third phase land, but 6th of October City Development Authority decided in September 2018 to withdraw plots of the third and fourth phases, a decision challenged by the company at the Administrative Court.