Post sponsored by NewzEngine.com

MIL OSI Translation. Region: Russian Federation –

Source: Moscow Government – Moscow Government –

Under the preferential program “1 ruble per square meter per year,” entrepreneurs have already rented 62 buildings and premises in the capital to open businesses in cultural heritage sites and locate children’s educational institutions and hotels. This was announced by the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.

“The program benefits everyone: the city, entrepreneurs and residents. Thanks to it, the architectural appearance of Moscow is being transformed, new projects are being implemented, and businesses have the opportunity to use capital real estate at a symbolic price. Currently, under the “1 ruble per square meter per year” program, there are 62 lease agreements for buildings and premises with a total area of 60.4 thousand square meters. Investors who occupy 43 real estate properties have already fulfilled all the terms of the agreements and switched to a preferential rental rate,” said Vladimir Efimov.

The preferential program, under which entrepreneurs can rent city real estate for one ruble per square meter per year, began to operate in 2012 and initially concerned only cultural heritage sites. Since 2013, educational facilities can be opened in restored buildings and premises, and hotels can be opened in 2022.

In order to take advantage of the program, investors must take part in auctions for the lease of non-residential real estate. The city enters into contracts with the winning bidders: for 49 years – for locating businesses in cultural heritage sites and educational institutions and for 20 years – for opening hotels. The preferential rental rate begins to apply after all the conditions of the program are met.

“Of the 62 buildings and premises rented under the program, 29 are located in the center of the capital. Nine in the east, seven in the southeast, five in the northwest, three each in the west, north and south, two in the southwest of the city and one in Zelenograd,” noted the Minister of the Moscow Government, head metropolitan Department of City Property

Maxim Gaman.

Restoration of cultural heritage sites is underway on behalf of Sergei Sobyanin.

More information about economic policy and property-land relations in Moscow is on the website economy.mos.ru.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI News (multilanguage service)