Bank Of Baku

Azerbaijan approves rules for pricing in real estate acquisition for state needs

Azerbaijan approves rules for pricing in real estate acquisition for state needs
# 08 April 2009 16:41 (UTC +04:00)
Baku. Rashad Suleymanov-APA. Azerbaijan’s Cabinet has approved “Rules for calculating the price of immovable property in acquisition for state needs.
Under the rules, immovable property shall be acquired for the public use through funding from the Ministry of Economic Development, Ministry of Finance, and the State Property Management Committee after a decision of the Cabinet.
According to the decision, the price of an immovable property should be equal to the market price it has 90 days before its quotation and publication.
Besides, land owner’s costs for disputing the decision, forecasts for an increase or decrease in the income from the use of land in the future will not be taken into account while setting price to the land.
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THE OPERATION IS BEING PERFORMED