Makan Developments Introduces a Landmark Clause Linking Installments to Construction Progress
Makan Developments has announced a new clause in its client contracts. This clause links client installment payments directly to the actual progress of construction. Therefore, clients can suspend payments if any delay or halt occurs.
This pioneering step reflects Makan Developments’ commitment to transparency and credibility. Moreover, it safeguards client rights. This sets a new benchmark for fair and secure contractual practices in Egypt’s real estate market.
Ibrahim El Feky, General Manager of Makan Developments, stated: “This decision reflects our full confidence in our execution capabilities. It also shows our strong financial solvency. Consequently, we can meet delivery schedules and maintain high-quality standards. Additionally, it embodies our vision to establish new industry standards. These standards build trust between clients and developers through a practical model.”
El Feky urged authorities to consider adopting the Escrow Account system in Egypt. This system has proven efficient and reliable in the UAE. The Escrow Account ensures that all installment payments are deposited into a dedicated project account under government supervision. Thus, developers adhere to construction milestones. Furthermore, it protects clients’ funds. Ultimately, this creates a safer and more sustainable real estate market in Egypt.