The President has signed the Law on Urban Renovation, which enshrines the principle of priority of owners' rights, strengthens their guarantees, and aims to renew outdated housing stock.

The law stipulates that one of the mandatory conditions for implementing renovation is obtaining notarized written consent from at least 4/5 of the owners of each property included in the renovation project.

The right holder may, at their choice, receive compensation or participate in the renovation project as a co-investor. A right holder is defined as an individual or legal entity that owns a real estate property located within the urban renovation territory.

Compensation may be provided in the following forms: granting ownership of a new residential or non-residential property built in the area where urban renovation is taking place; granting ownership of a residential or non-residential property in another location; monetary compensation; other forms of compensation stipulated by agreement of the parties.

If a residential or non-residential property is provided as compensation, the area provided must not be less than the area of the housing owned by the right holder and subject to renovation. Such property must be transferred in a ready-to-live-in condition and, first and foremost, offered on lower floors.

The right holder is entitled to compensation for: the market value of residential and non-residential real estate if compensation is paid in monetary form; the market value of the right to the land plot; the market value of perennial trees and plants located on the land plot; expenses related to relocation and temporary rental of residential or non-residential premises; lost profits for two years that could have been obtained from the use of the land plot and the residential and non-residential properties located on it; other expenses and losses.

The amount of compensation is determined by agreement between the right holder and the Directorate. If no agreement is reached, the amount of compensation is determined in court.

For right holders affected by the implementation of the urban renovation program, the Directorate additionally pays a one-time cash amount of 10% of the established compensation.

In cases where the land plot to be seized contains unauthorized residential houses, industrial buildings, and structures, their market value is also subject to full compensation.

If a residential house is located on the land plot and there are no title documents for the land plot, but the ownership right to the residential house is recognized or it is confirmed that the citizen has long-term, in good faith, openly, and continuously possessed it as their own property, the market value of such real estate is compensated in full without payment of taxes.

Source: uznews.uz