Tashkent to Create Apartment Bank for Urban Renewal Projects
Tashkent will create an apartment bank for residents affected by urban renewal projects, offering housing compensation or temporary accommodation during reconstruction.
Tashkent, Uzbekistan (UzDaily.uz) – Tashkent is set to create an "apartment bank" to assist homeowners whose properties are part of urban renewal initiatives. This pilot program, managed by Tashkent Invest, will run until 2031, as outlined in a presidential resolution by Uzbekistan's President Shavkat Mirziyoyev concerning the capital's socio-economic advancement.
This new system will draw from a dedicated housing reserve, offering apartments either as compensation for acquired properties or as temporary lodging until new residential buildings are completed. The Tashkent City Council will finalize the procedures for allocating this housing within urban renewal zones.
To fund the apartment bank, Tashkent Invest will utilize resources from the Tashkent City Development Fund and other legitimate financial sources. Housing acquisitions will be conducted through a request for proposals (RFP) process.
Under the resolution, state-owned real estate within urban renewal areas will be transferred to Tashkent Invest at its residual value. Properties owned by state enterprises will be sold to the company at market value, determined by an independent appraiser, with the option of installment payments over a maximum of three years.
Tashkent Invest will also be authorized to sell properties constructed or renovated as part of urban renewal projects via online auctions. Contractors for construction and installation work will be chosen in accordance with national legislation.
Rustam Kodirov, Deputy Chief Executive of Tashkent Invest, previously stated that the urban renewal program does not involve widespread demolition of older housing. He emphasized that reconstruction decisions will only be made after technical inspections confirm a building is unsafe and poses a risk to residents' lives or health.
The initial phase will involve inspecting approximately 2,200 two-story residential buildings constructed between the 1930s and 1970s. Kodirov clarified that a building's age alone will not be sufficient grounds for its inclusion in the program.
Currently, Tashkent Invest is developing urban renewal projects in the Mirabad, Yashnabad, and Sergeli districts of the capital. The company is in discussions with developers to ensure residents are relocated as close as possible to their current residences.
Property owners will have three compensation choices: a cash payment, temporary relocation with a return to a newly built apartment upon completion, or an apartment of equivalent value in a different district.
Residents can ascertain if their building is part of the urban renewal program by contacting their local mahalla citizens' assembly. Additionally, special project offices have been established in affected districts, where Tashkent Invest representatives offer consultations to residents.