Wednesday05 February 2025
centralasiabusiness.com

Uzbekistan has introduced the "Yangi Uzbekistan" system for constructing housing complexes.

A new mass construction system called "Yangi Uzbekistan" was introduced in Uzbekistan. This was announced during a video conference meeting attended by President Shavkat Mirziyoyev.
В Узбекистане была представлена система строительства жилых массивов под названием «Янги Узбекистон».

According to the new regulations, the design of land plots allocated for the housing complex must not exceed 2 months, while the commencement of construction should not take longer than 3 months. If these requirements are violated, the land will be returned and put up for re-auction. The licenses of organizations that conduct project examinations exceeding 15 days will be suspended.

To stimulate construction, an "escrow" system is being introduced, allowing developers to attract funds at a lower interest rate. Financing for developers begins and continues alongside the construction of homes, ensuring protection for homebuyers. Citizens will be able to obtain mortgages and subsidies starting from the construction phase and can sell their homes to another person before completion.

Once developers have constructed 50% of a project, citizens will be eligible for loans and subsidies. This procedure applies not only to preferential but also to commercial mortgages. Construction organizations are exempt from paying land tax from the start of construction until completion, but for no longer than 12 months. If the project is not completed on time, the developer will be required to pay double the land tax.

A portion of the land (10%) allocated for the "Yangi Uzbekistan" housing complex will be sold as a single lot for the construction of commercial buildings. Private kindergartens will be permitted on the lower floors of the new buildings, which will also be exempt from property tax. Mayors have been instructed to begin organizing kindergartens on the ground floors, taking into account the needs of the population that will be moving into these areas.