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MIDA attracts over 6M manats for construction of residential complex

8 December 2017 16:02 (UTC+04:00)
MIDA attracts over 6M manats for construction of residential complex

By Sara Israfilbayova

The State Housing Construction Agency (MIDA) under the President of Azerbaijan has attracted two investors for construction works in a preferential residential complex in Yasamal district of Baku.

The Competition Commission reported that the total volume of attracted investments amounted to about 6.34 million manats ($3.73 million).

Caspian Service LLC in a consortium with Chinar Inshaat LLC will build a kindergarten for 240 children on the territory of the complex. The cost of the contract is 3.3 million manats ($1.94 million).

In addition, MIDA has concluded a contract with HN Construction LLC, which, in a consortium with Khumar-98, will build a 12-storey single-block apartment house (residential house No. 25) on the complex territory. The cost of this contract was 3.04 million manat ($1.79 million).

For the construction of this residential complex in Yasamal district, a land plot of 11.6 hectares was allocated last year. The complex is planned to be completed in mid-2018.

The town will consist of 29 multi-apartment residential buildings: 17 of them will be two-block and nine-storey and 12- one-block and 12-storey. Some 301 of 1,854 apartments in these buildings will be one-room, 1,110 - two-room, 443 - three-room. The area of one-room apartments will be from 31 to 33 m2, two-room apartments - from 50 to 58 m2, three-room apartments - about 70 m2.

MIDA has launched registration of persons wishing to purchase subsidized housing started from May 30, 2017.

The monthly payment for the purchase of a three-room apartment in a mortgage will not exceed 300 manats ($176.5) and for a one-room apartment it will amount to 130-150 manats ($76.5-$88.2).

A preferential mortgage is issued only in the Azerbaijani manat and given to citizens of the country.

There are two types of product, including social [maximum period 30 years] and standard mortgage [maximum period 25 years], while the annual interest rate on services amounts to 4 and 8 percent respectively.

Mortgage is given only for an apartment or private house and its amount should not be more than 80 percent of the market price of the property. Mortgage payments cannot exceed 70 percent of borrower’s total monthly income.

Every family/person who is entitled to use social mortgage loans can use these concessions only once.

The main essence of preferential terms is that the cost of apartments will be lower than the average market value in the territory.

The second project on construction of social houses will also be implemented in the capital city. Within the second project, houses are planned to be constructed in Surakhani district, near Hovsan settlement and cover an area of some 20 hectares.

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