Russian Gov't set to cut red tape in real estate
The Russian government is set to stimulate construction of affordable housing facilities by reducing the number of administrative procedures required to obtain a construction permit from the current 51 to 11 by 2018, and also by shortening the timeframe for the issuance of such permits from 423 to 56 days, RBC Daily reported today, citing a roadmap signed by Prime Minister Dmitry Medvedev.
Under this roadmap, real estate developers owning a land plot and having completed the state expert appraisal will be able to start construction through a simple notification procedure. The roadmap is also expected to promote competition among developers and to boost construction volumes.
By implementing this roadmap officials are seeking to propel Russia to the top 20 in the ease of doing business ranking, where Russia is currently ranked 178th. However, the government has yet to draft the relevant legislation, experts pointed out.
Source: http://www.rbcnews.com/