Recent Developments
Communiqué No. 391 on Amendments to the General Communiqué on National Estate No. 331 (“Communiqué No. 391“) of the Ministry of Environment and Urban Planning (“Ministry“) was published on August 21, 2019 in the Official Gazette No. 30865. Communique No. 391 introduced several amendments to General Communique on National Estate No. 313 (“General Communiqué No. 313“). Communiqué No. 391 and General Communiqué No. 313 regulate the sale of real properties owned by the Treasury.
What’s New?
- In case a real property owned by the Treasury and put up for sale has an existing building on it, the value of the building will not be lower than the estimated unit cost as specified by the Ministry, taking the building’s depreciation into consideration.
- In the sale of the Treasury’s real properties with limited real rights established, it is now possible for 30% of the sale price to be paid in cash and the rest in 10 installments over five years, with a legal interest.
- As for purchase requests of beneficiaries of limited real rights or rights of easement relating to the Treasury’s real properties to be assessed, it will suffice to fulfill the financial obligations stipulated under the right of easement agreement and complete at least 80% of the buildings and facilities as described in the application project. These requests will be assessed even if there are no application projects for buildings and facilities.
Conclusion
With these amendments to General Communiqué No. 313, beneficiaries of limited real rights or rights of easement now have new opportunities to purchase such real properties.
