Sale of affordable apartments Baku's new residential complex to start soon

Construction Materials 14 February 2020 11:26 (UTC +04:00)
Sale of affordable apartments Baku's new residential complex to start soon

BAKU, Azerbaijan, Feb. 14

By Matanat Nasibova - Trend:

The sale of apartments in a new residential complex in Baku's Hovsan settlement will begin as soon as possible, a source at Azerbaijan's State Housing Development Agency (MIDA), which is implementing construction projects in Baku and in the country's regions, told Trend.

The residential complex was built on the territory of 20 hectares, the source noted.

"The project envisaged construction of 11 residential buildings with a total of 2,962 apartments, as well as two kindergartens and a school. The project was launched in 2017. Initially, it was planned to complete the project within 2 or 2.5 years," the source said.

MIDA implements all projects on the basis of the developed Strategic Road Map for the development of affordable housing in Azerbaijan.

According to the map, it is necessary to minimize public funding and involve private construction and investment companies in cooperation.

In turn, MIDA, as a regulatory body, attracts such companies to implement social projects in Azerbaijan, through orders to our contractors who are directly involved in the construction of residential facilities.

To date, the volume of private investment in public-private partnership projects has amounted to $46.8 million. Moreover, in the framework of such projects, the construction of multi-apartment buildings, communication infrastructure and a shopping center was carried out.


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