According to reports in the Turkish press, Emlak Konut GYO A.Ş (REIC Inc.), has decided to enter the field of urban transformation projects following a request by the Ministry for the Environment and Urbanization.
Erdoğan Bayraktar, the Minister for the Environment and Urbanization stated that they had started a project whereby the owners of the properties that will be affected by the urban transformation can exchange them with the new buildings built by Emlak Konut GYO. He explained that the first phase of the project will be 500 homes at Hoşdere in Istanbul, and then it will gradually be extended throughout the urban transformation projects within Turkey.
According to the project, there will be the option to exchange properties which are situated in protected or risky areas with properties in other areas, through an agreement with the owners of these properties. The Ministry, which has signed the necessary agreement with Emlak Konut GYO, will collect the applications of property owners in the urban transformation areas with regard to the sale of their properties by way of exchange. Once these applications have been collected, the properties on which an agreement has been reached will be valued.
The prices determined by the valuation of the properties will be paid by the Ministry to Emlak Konut GYO (EKGYO) as an advance payment. After the transfer of the titles of buildings which are to be demolished, these properties will be registered in the name of the Treasury. In continuation, the remainder of the sales price of the buildings will be paid by the Ministry from the urban transformation account to Emlak Konut GYO. In the event that the payment is not made, the price will increase at the same rate as the Consumer Price Index – CPI (TÜFE in Turkish) until payment has been made to EKGYO.
Source: Emlak en son haber
