Government to issue new laws for the regulation of the real estate sector
The government will not tolerate any price increase over 20 % on the initial value of the housing units by the real estates’ entrepreneurs after the completion of the project.
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Any infringement of the contract sealed between the client and the entrepreneur will be severely punished by the law and will lead to either the imprisonment of the contractor or fines.
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Sanctions will be applied on the clients who do not abide by their commitments towards the contractor, it said.
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Talking yesterday on the sidelines of the 14th session of the building fair held here in Algiers, M Ferroukhi Lyes has indicated that the government will release over the upcoming few weeks the new decrees that will govern the profession.
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This battery of measures is designed to guarantee the beneficiaries’ rights before and after acquiring their houses and put an end to the greediness of the contractors that used to speculate on the prices in the recent past.
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