The latest decision 1171 that was issues by the Land Administration counsel at 5.1.09 is actually decision 1106 with a small change, but how small is it really?
Decision 1106 was issued in order to encourage companies and entrepreneurs to participate in the Administrations tender for lands which are designated for apartment’s houses purely for rental.
The tender stipulates that the land will be chartered for a period of 98 years with extension rights for an additional 98 years when the purpose of the charter is residential.
According to the tender the administration has the right after 25 years of rental usage upon the request of the rights owner to change to purpose of the chartering to normal residential.
The change however did not come in any of the tender normal characteristic but in one detail – the financial identity of the bidder.
Decision 1106 made it perfectly clear that any entity who wishes to bid at the tender has to provide with financial stability document showing that it could build and maintain a project of such type, a demand which seems to be necessary in our days of the biggest financial crises since 1930s’ however decision 1171 who was issued in the early days of January 2009 actually demands all of the demands that decision 1106 does, except for the demand of financial stability proof.