A bill for urban redevelopment was approved

The approval of the bill concerning urban redevelopment was decided by the Council of Ministers in today's session, following a proposal presented by the Minister of the Interior, Konstantinos Ioannou.

According to an official announcement, the bill aims to establish and operate a mechanism and process for the consolidation, management and redistribution of real estate within a development area, with the aim of its urban planning activation.

At the same time, the possibility is given for rational and economical urban planning of areas within development zones.

The goals of the bill are, among others, the creation and supply of land ready for development, the reorganization of properties within development areas, the rational zoning of large-scale uses in the area of ​​the Urban Revitalization Plan, and the rehabilitation and activation of areas after natural or man-made disasters.

As highlighted, urban redevelopment achieves the reduction of scattered development and the need for individual housing outside development boundaries, while at the same time it is expected to solve a number of problems for landowners who cannot develop their plots, either because they are enclosed either because they involve multiple properties on the same lot or because there are economic encumbrances on the lot.

In addition, urban redevelopment contributes to solving environmental issues, addressing the effects of climate change, limiting urban sprawl, meeting housing needs and increasing the supply of plots of land in dimensions, shape and size depending on the intended use.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy