Minister of Economic Development and Trade German Gref will help residents of Sochi part with their land faster so the government and private investors can use it.
Photo: Mikhail Razuvaev
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Land Expropriate Simplified in Sochi
Olympic legislation, which will be introduced into the State Duma today, will include special norms for buying up land in Sochi for the construction of Olympic facilities. Minister of Economic Development and Trade German Gref said purchases would be quick and described the court process for disputes as “simplified.” The law is expected to pass next month. Homeowners whose land is required for Olympic purposes will receive monetary compensation or a house and lot of equal value, based on market value. The state Olympic corporation will build the replacement homes.
The standard procedure for confiscating land and property for state needs is described in the Land and Civil Codes. Such decisions can be made by federal, regional or local authorities. The property owner has one year for negotiations with officials, after which the officials can file suit.
The Economics Ministry did not specify how many pieces of land would be expropriated in Sochi. Gref said that the final decision on the boundaries of the facilities had yet to be made. Krasnodar Territory Governor Alexander Tkachev estimated that “20-25 households” would be affected.
Realtors say the rush to buy land in Sochi is over and prices have stabilized. Lots by the sea measuring 100 sq. m. sell for $150,000 and away from the sea they go for $100,000. Apartments sell for $4000 per sq. m. in regular building, and $10,000 per sq. m. in elite houses. Much of the Olympic construction will take place at Imeretinskaya Bay, where more than half the residents live in barracks and communal apartments.
www.kommersant.com
All the Article in Russian as of Sep. 12, 2007
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