Uzbekistan has introduced a mechanism for selling land plots as 'ready packages'. Local administrations will be able to auction land with pre-prepared technical specifications and necessary construction permits. This is stipulated by Presidential Decree No. 177 on accelerating privatization.

The costs of preparing such a 'package' will be covered from the local budget and then included in the starting price of the lot. The new mechanism will primarily apply in areas where master plans have already been developed.

If a plot cannot be sold after a price reduction, it may be transferred to a business for project implementation in exchange for a share in the company's authorized capital. Subsequently, the entrepreneur will be able to buy back this share.

In addition, investors who have paid at least 50% of the value of state property will be allowed to reconstruct acquired objects or demolish them for new construction. Participants in Tashkent's industrial zones will be able to buy out buildings and land after fulfilling investment and social obligations.

Earlier it was reported that Uzbekistan plans to auction land plots with ready construction permits. It was noted then that entrepreneurs would be able to start construction immediately after purchasing land, without spending 6 to 12 months obtaining permits.

Source: podrobno.uz