- This is not a mortgage; it is a Rent-to-Own Scheme; Essentially, after you register for this scheme, you will pay subscription (monthly instalment) till occupation, and lease rental thereafter for a period up to 25 years for regular properties, 20 years for villas and 15 years for beach front luxurious properties (or earlier, according as you choose) on a monthly or quarterly basis.
- The non-refundable registration fee is GHC 500 and GHC 1,000. The initial deposit is GHC 5,000, GHC 10,000 and GHC 15,000 per property for detached & semi- detached houses, villas and beach front luxurious villas respectively. Please note that we have slightly different terms for non-Ghanaians.
- Occupancy of the property shall be given to you as per Gold and Silver Plans after commencement of your monthly subscription.
- Your Monthly/Quarterly subscription (instalment) payment will start one month from the date of your Registration. Please make funds available before due date.
- You will be required to sign a Tenancy/Lease Agreement and Occupancy certificate prior to or upon delivery of occupancy.
- The lease which is on the land, starts from occupancy of the property and shall be for a period of 60 years, renewable for another 45 years at 3% of the value of the land at the time of renewal.
- Deed of Assignment of Property shall be registered in your favour after completion of ALL payments.
- Clients aged 50 years and above must either have a co-applicant who is working and can continue payment when there is default or go in for a short term payment i.e. from 15 years downwards.
- You may choose to make outright payment at any time subject to negotiations.
- Since this is a long-term scheme, the cost is subject to current US Dollar rate for initial 20% or 30%. There will be bi-annual revision of prices for that period. 2 +233 555 530 300 / +233 501 939 257 / +233 577 911 101 New Accra City P. O. BOX CU 73 Central University, Miotso, Prampram @NLahose Central University, Miotso, Prampram Newaccracityofficial Website: https://newaccra.city Allotment Policy
- Registration entitles you to participate in the Rent-to-Own Scheme but does not assure you of allotment until all criteria are met.
- A transparent allotment policy will be applied for allocation of properties, primarily based on seniority of registrations, ability to pay outright or 30% upfront, and assessment of your ability to pay for the periodic subscription and rental. Generally, this is valued at 50% of your take home income OR one must demonstrate ability to pay. So, before selecting or opting for more properties, kindly evaluate your ability since refund policies and penalties are likely to occur. Inclusion of the income of a Co- Applicant may enable you to close the gap so you may plan accordingly. Refund Policy
- Registration Fees are not refundable under any circumstances.
- Refund of payments made till date of exit will be allowed at 85% any time before occupancy and 50% after occupancy if you decide to opt out any time. Refund, where situation arises shall be effected maximum 12 months (I.e. excluding weekends and holidays) after application for same. Penalties
- Penalties will be charged/deducted from payments made by Registrant till date and may include re-allocation of property/exit if payments are defaulted as follows: (a) Default of monthly instalment payment – 5% of amount due (b) Three (3) consecutive months prior to occupation – 30% and reallocation of property. (c) Four (4) consecutive months after allocation will warrant reallocation. (d) Four (4) consecutive months while in occupation will warrant eviction from property and 50% refund. Compensations
- In the most unlikely event that delivery or due handing over date delays, you will be entitled to a compensation equivalent to the tune of monthly rental payments for the period of the delay.
- In the even more unlikely event that the Project fails to deliver at all, you will be entitled to a 100% refund of your total payments made. 3 +233 555 530 300 / +233 501 939 257 / +233 577 911 101 New Accra City P. O. BOX CU 73 Central University, Miotso, Prampram @NLahose Central University, Miotso, Prampram Newaccracityofficial Website: https://newaccra.city Delivery of Occupancy
- The completion period of the community is pegged between 36 and 60 months.
- Your house shall be delivered to you provided that you or your co-applicant or both have paid at least a total of 60 months equivalent of your monthly rental or 20% of your total cost of the house per the regular 25 year payment plan.
- For outright or at least 30% upfront payers, your house will be delivered to you in 12 and 18 months respectively from the date of your first instalment payment.
- For beach front homes, your property will be delivered in 36 months per regular 15 year payment plan OR 18 months, subject to the outright payment of 30% of the total cost of the property.
- Property Codes will be communicated after 10% of the total value of your property has been made. Please note that if payment is in arrears for Four (4) consecutive months after allocation, client will be reallocated.
- Annual insurance for the property will be borne by the Project until you complete your full payment. Services & Facilities
- You will be required to sign a separate mandatory Estate Management and Maintenance Agreement in addition to your lease/rent agreement.
- You will be responsible for maintenance of the property but only with registered CITY EXTENSION APPROVED service providers.
- Our communities and homes shall be highly maintained. You will be required to pay reasonable Estate Management service charges for, i.e. public cleansing (roads, street & drainage), maintenance of street lights, security and solid waste collection. Service fees indicated in this clause MAY be added to the monthly rental instalment once you take occupation of property until full payment for the property is complete and thereafter billed separately.
- Please note that self-help provision of services, i.e. water, electricity, maintenance, waste management etc. is not allowed in our communities.
- HOUSING COOPERATIVE: Please note that it is important to join our affiliate Housing Cooperatives Society as security towards owning your house. Members have huge benefits in case of the following; temporary loss of income, invalidity, unlikely situation of death and 50% subsidy for expansion for additional room. 4 +233 555 530 300 / +233 501 939 257 / +233 577 911 101 New Accra City P. O. BOX CU 73 Central University, Miotso, Prampram @NLahose Central University, Miotso, Prampram Newaccra city official Website: https://newaccra.city Applicability of this Offer
- The offer is applicable only till 30 calendar days from the date of your completion of Registration. You will need to apply for fresh offer thereafter from our offices. (REGISTRATION IS DEEMED COMPLETE AFTER INITIAL DEPOSIT IS MADE.)
- Your Acceptance letter must be duly signed and returned to the Project Management Center on or before date indicated above. (NB: Making payments is considered an acceptance of the Terms and Conditions)
Initial Deposit Platinum Plan for Houses
Please select the type of House / Villa you want to apply for. Options available are :
3 Bed Room Villa-1 80’x90′ 335m2
3 Bed Room Villa-2 80’x90′ 264m2
4 Bed Room Row House exp to 5 80’x50′ 176m2
4 Bed Room Villa-1 80’x90′ 376m2
4 Bed Room Villa-2 80’x90′ 335m2
|Initial Deposit Platinum Plan||
3 Bed Room Villa 1 80'x90' 335m2, 3 Bed Room Villa 2 80'x90' 264m2, 4 Bed Room Row House exp to 5 80'x50' 176m2, 4 Bed Room Villa 1 80'x90' 376m2, 4 Bed Room Villa 2 80'x90' 335m2