Azerbaijan, Baku, March 4 / Trend , U. Ismayilova /
One of the best systems for registration of real estate will be created in the country after implementation of the project "Real estate registration in Azerbaijan", head of the technical team of World Bank project Kevin Adlington said in Baku during the international workshop on the topic "Efficiency and Transparency in real estate management".
"Since 2008 from the beginning of the project in Azerbaijan, the Government had undertaken several activities in this direction in order to improve the system of registration of real estate. However, today most of the funds from the WB loan has not been spent, as at persent only the initial stage of the project is being implemented," Adlington said.
The Azerbaijani government and WB signed an agreement on the joint introduction of a unified cadastre of real estate in July 2007. The project consists of four components: registration of property, management and register of state property, base cartography and land cadastre, trainings, forming of policy and management of project.
The registration system of property transactions will be automated in each of the 21 registration office. The project includes 21 office of the state service on registry of immovable property and will cover 60 offices of the State Committee for Management of State Property. The system will not involve forests, wetlands and natural habitats.
Cost of the project hits $38.57 million; $30 million falls on loan of WB. Loan resources were allocated for 20 years under 5-year preferential period.
Do you have any feedback? Contact our journalist at [email protected]