Redemption terms of land in Federal ownership are revised

On June 23, 2016 the President of the Russian Federation has signed the Federal law "About modification of article 7 of the Federal law "About modification of the Federal law "About assistance to development of housing construction" and separate acts of the Russian Federation".

The specified Federal law establishes the right of tenants to redeem the land plots transferred to them according to the Federal law "About assistance to development of housing construction" for construction of facilities, the construction materials intended for production, products, designs for housing construction, creation of industrial parks, science and technology parks, business incubators, infrastructure facilities, other construction and also for their complex development, at the prices determined in lease contracts. Realization of such right is possible on condition of absence at the tenant of debt on a rent and (or) penalties (penalty fee) according to lease contracts, and also when performing all conditions provided by lease contracts.