Government trying to find way to decrease housing prices in Russia
2010-08-30
The government has come up with a plan to decrease the price of economy-class housing in Russia and increase the volume of the construction of such housing. The decrease in the price would be achieved by changing the approach to distributing land plots for construction. At the moment, land plots are auctioned off in the usual way so that the final price of the land for developers can be very high. Besides that, most plots do not have any engineering infrastructure, and developers have to install all engineering networks at their own expense.
The new plan involves using the Dutch auctions for the distribution of lands; moreover, the subject of auctions will be not the land plots as such but the price per m2 of the housing to be built on these plots. In addition, the land to be auctioned off should be provided with all engineering networks, urban planning documentation and building permits. To avoid speculation in such land plots, restrictions will be imposed on immediate re-sale. The Regional Development Ministry is to consider the proposal soon.
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