Egypt’s Supreme Administrative Court will rule on the validity of Talaat Moustafa Group Holding’s purchase of land for its Madinaty real-estate project on Aug. 5, Judge Mustafa Hanafi said in Cairo today.
In Egypt, where more than two years of political and economic turmoil culminated in the ouster of President Mohamed Mursi almost three weeks ago, more people are deciding it’s a good time to buy a home.
Talaat Moustafa Group Holding should keep land on the outskirts of Cairo so the real estate developer can finish building housing units on the 33 million- square-meter site, a government-appointed legal committee recommended.
Egypt’s government lawyers will present within days to Prime Minister Ahmed Nazif a legal solution for Talaat Moustafa Group’s Madinaty land purchase that was deemed illegal by courts, Cabinet spokesman Magdy Rady said.
Talaat Moustafa Group Holding , Egypt’s largest publicly traded property developer, gained the most in more than a month after the public prosecutor ended an investigation into a land purchase for its biggest project.