The start of the electronic lottery to select those eligible for the discounted lands in Riyadh

It noted that all objections submitted by the committee formed for this purpose will be considered in preparation for entering the electronic lottery, tomorrow, to select those eligible to purchase residential lands.

The Tawazun Real Estate Platform

The Authority launched the Tawazun Real Estate Platform on September 11 last, while on October 23 it announced the end of the application period on the Tawazun Real Estate Platform.

On November 9, the Authority announced those eligible to enter the lottery and open the door for objection.

The Tawazun Real Estate platform gives an opportunity to those eligible to purchase planned residential lands within a balanced urban framework, consistent with the principles of sustainable urban planning, which achieves justice in distribution, and controls the balance between supply and demand in the residential real estate market.

The platform enhances the opportunities for citizens to own residential lands, and achieves the goals of the Real Estate Tawazun Program, which aims to develop the system of supply and demand, and achieve development. Sustainable urban development in the city of Riyadh.

The platform operates through an integrated electronic system, starting with the application stage, all the way to the stage of announcing the eligibility list for those who meet the conditions, and then conducting the lottery and determining the lands, followed by allocation and off-plan sales procedures, and ending with the completion of ownership procedures.

His Royal Highness Prince Mohammed bin Salman, Prime Minister, has directed that measures be taken to control the real estate balance in Riyadh along the lines of Lifting the moratorium on buying, selling, dividing and dividing, and issuing building permits and approving plans for the land located north of the city of Riyadh.

The Royal Commission for the City of Riyadh is working on providing planned and developed residential lands to citizens with a number between 10 and 40 thousand plots annually in the next five years according to supply and demand, at prices not exceeding 1,500 riyals per square meter, for married citizens or those over 25 years old.

For this, the applicant must not have any previous real estate ownership and meet the rest of the other controls, including not selling it, renting it, mortgaging it, or disposing of it in any way within 10 years, except for the mortgage for the purposes of financing the construction of that land. If it is not built within this period, the land will be recovered and its value will be returned to him.

The Authority is authorized to take the necessary legal measures to urgently issue the proposed amendments to the white land fees system for a period not exceeding (60) days, in order to ensure the enhancement of the real estate supply, in addition to To take the necessary legal measures within a period not exceeding (90) days to control the relationship between landlords and tenants.

This ensures achieving a balance between the interests of the parties, in addition to assigning the General Real Estate Authority and the Royal Commission for the City of Riyadh to monitor and control real estate prices in the city of Riyadh and submit periodic reports.