ECONOMY

Zoning plan may devalue 4 million plots

zoning-plan-may-devalue-4-million-plots

Hundreds of land owners and some market professionals are voicing their opposition to a zoning plan the government plans to submit to Parliament in end-October which will affect more 4 million privately and publicly owned properties.

Under the new legislation, the government is changing a rule from 1928 that provides for off-town planning plots to qualify for construction if they have a minimum surface of 4,000 square meters, without needing to border on a road.

The new regulation, which requires a plot for construction to have at least 45 meters border on a road may devalue all other plots and create linear constructions, critics say.