Cabinet approves amending off-plan sales or rent regulations

Saudi Arabia’s Cabinet approved amending residential unit off-plan sales or rent regulations by replacing the “Ministry of Municipal, Rural and Housing Affairs” with the “Real Estate General Authority (REGA)” and the “Minister of Municipal, Rural and Housing Affairs” with the “Board of Real Estate General Authority”.

It also approved to form a committee at the Ministry of Municipal, Rural and Housing Affairs with representatives from the ministries of finance, human resources and social development, GOSI and REGA to set a mechanism for dealings with the assets of the off-plan sales and rent committee as powers are now delegated to REGA.

The ministry of municipal affairs will agree with REGA to set the replacement date by the end of the current fiscal year maximum.

Source : Argaam