PRIVATE SECTOR’S INVESTMENTS INCREASE IN URBAN DEVELOPMENT OF GYUMRY
Noyan Tapan
Apr 10 2006
GYUMRI, APRIL 10, NOYAN TAPAN. Since 2002, the urban development
of Gyumri at the request of the private sector has amounted to
about 15 bln drams and is growing each year. Hrayr Karapetian,
Head of the Urban Development, Construction, Real Estate Cadastre
and Municipal Economy Department of Gyumri Mayor’s Office, told NT
correspondent about it. According to him, Gyumry Mayor’s Office holds
land auctions every week. 80% of such land plots is allocated for
house construction. H. Karapetian said that the land auction lots are
assessed at the cadastre value, with 20-30% discountes given to those
who carry out house construction work. Land plots to the builders of
trade and service facilities are sold in the amount of 100-120% of
their cadastre value. It was noted that the city of Gyumri is divided
into 4 zones based on the cadastre value of land: in the first zone,
the value makes 2,940 drams for a squre meter, and in the fourth zone –
810 drams (about 1.8 USD). The trade and service facilities of Gyumri
are mainly being constructed by the locals conducting their business
in Russia (Ekaterinburg, Blagobechshensk, Moscow) and Ukraine. At
the request of the private sector, residential houses, trade and
service facilities are mostly being built. H. Karapetian said that
some construction organizations from Yerevan have also been involved
in the urban development of Gyumri.