Legislative regulation for new residential developments
The process of transferring the individual cooperative properties of the Building Societies is being accelerated, with a legislative regulation submitted as an amendment and addition to the multi-legislation of the Ministry of Interior. More than 300 Building Cooperatives, which have more than 300,000 acres in "fillet" areas of the whole country, have become a pole of interest in the real estate market, for new residential developments.
In particular, it is provided that the decision to approve the implementation diagrams with the distribution of the plots, the name list of the respective beneficiary members and the attached deed of notarial concession and transfer to the relevant Municipality of the shared and public areas of the approved urban planning study of Building Cooperatives, shall be deemed an implementation deed of the above study.
The legislative regulation comes to facilitate Building Societies and investors. More than 300 Building Cooperatives, which have more than 300,000 acres in "fillet" areas of the whole country, have become a pole of interest in the real estate market, as the legislation under conditions allows them to be used for new residential and investment developments.
Strong in the real estate market
Specifically, the completion by 2025 of the new Local Urban Planning Plans (TPS) and Special Urban Planning Plans (EPS) for 70% of the territory, the approvals by Presidential Decrees of General Urban Planning Plans for settlements and their new extensions, which are being gradually promoted after decades of stagnation , as well as the legislative regulations on Forest Maps, which have been ratified in 90% of the country, which resolve ownership and urban planning issues, especially for private lands classified as forest, which now when the public does not have unshakable title deeds are registered to private individuals, they create new data for Building Cooperatives' lands and put them dynamically on the real estate market.
Exploitation for consideration
-"Building cooperatives are concerned with the residential development of their land in order to provide housing for their members, but also in many cases, when the cooperatives have land ready for use, mixed economic development solutions are of interest, which enable part of the land to be exploited by private investors in return and a large number of members, who do not wish to participate in the costs of infrastructure projects and the cost of real estate construction to be compensated", has reported the "Committee for Initiative and Collective Action of Greek Construction Cooperatives".
The entire legislation
"Regulation of implementation issues of Urban Planning Study of Construction Cooperatives - Addition of par. 15 of article 39 of Law 4030/2011
In article 39 of Law 4030/2011 (A' 249), on a new way of issuing building permits and construction control, paragraph 15 is added as follows:
"15. The decision to approve the application diagrams with the distribution of the plots, the name list of the respective beneficiary members and the notarial deed of concession and transfer to the relevant Municipality of the communal and public areas of the approved urban planning study of Building Cooperatives, integrally attached to these elements, is deed of implementation of the above urban planning study, which, in accordance with the applicable local authority, is registered in the cadastral books of the legal entity under public law "Hellenic Land Registry" or is transcribed in the transfer books of the competent mortgage registry under the supervision of the relevant Building Cooperative, which acts both for own account, as well as on behalf of its beneficiary members. With the registration or transcription of the first paragraph, all the geometrical changes to the property, provided for in the above-approved urban planning study, occur, as well as the changes to the real rights on the plots of the property that pass by ownership to the beneficiaries - members of the Building Cooperative." .