MIDA attracts investors for construction of residential complex

By Azernews

By Sara Israfilbayova

The State Housing Construction Agency (MIDA) under the President of Azerbaijan plans to attract investors, who have the potential to build three dwelling-houses in the territory of the housing complex in the Yasamal district of Baku.

The Competition Commission reported that selection will be conducted on a competitive basis.

The cost of participation in the contest is 300 manats ($176.2), which can be paid by 5:00 p.m, June 17. Proposals from potential investors will be accepted until 5:00 p.m on June 29, reads the report published in the official press on June 13.

For the construction of this residential complex, 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 1854 apartments in these buildings will be one-room, 1110 - 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.

The MIDA has already started registration of persons wishing to purchase subsidized housing from. The monthly payment for the purchase of a three-room apartment in a mortgage will not exceed 300 manats ($176.2) and for a one-room apartment it will amount to 130-150 manats ($76.4-$88.1).

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.  

The State Agency for Housing Construction under the President of Azerbaijan was established on April 11, 2016 by the decree of President Ilham Aliyev.

The main essence of preferential terms is that the cost of apartments will be lower than the average market value. In addition, citizens will be able to monthly pay the cost of the apartment through a soft mortgage loan of the Azerbaijan Mortgage Fund for a period of 3 to 30 years. The apartments will be completely renovated and equipped with kitchen furniture.