The ongoing construction project of the State Agency for Housing Construction under the President of the Republic of Azerbaijan is the Yasamal Residential Complex. Preliminary registration of the property rights of the first apartment block (9 buildings and 584 apartments) has been ensured.
In this regard, the State Real Estate Register Service under the State Property Committee issued a certificate of state registration of real estate (immovable property) on preliminary registration of rights to the Limited Liability Company “MIDA”, subordinated to the State Agency for Housing Construction.
At the same time, according to the current legislation, the preliminary registration certificate allows placement of mortgaged apartments by the authorized banks, which have signed a cooperation agreement with the "Azerbaijan Mortgage Fund" OJSC and "MİDA" Limited Liability Company.
Preliminary registration of the rights on apartments is carried out on the basis of the approved construction project and construction permits, which guarantees the construction of apartments in accordance with the project. Once a residential building has been built and put into operation, the preliminary registration certificate of the citizen having the apartment will be replaced by the deed from the state register of the real estate.
The State Agency for Housing Construction will continue to work to ensure the pre-registration of the property rights of the continued construction of Yasamal Residential Complex, consisting of 29 residential buildings, and will provide phased acquisition of relevant references.