Leased land can be pledged
Parliament of Kazakhstan passed the law, which expands the rights of landowners
Restrictions on the use of leased agricultural land plots will be lifted soon in Kazakhstan. This regulation is included in the package of amendments to the Land Code, approved at the plenary session of the Senate.
"The proposed regulation will allow land users to make legal transactions with the right to lease, in particular, to pledge it at the bank, to dispose during the lease term", - said the minister of national economy Erbolat Dosayev, presenting the draft law to the senators.
In addition, the draft law establishes new rules of granting land plots to individuals and legal entities. Thus, agricultural land plot, owned by the state, will be sold by an auction method.
"First of all, by an auction method, through increase of the inventory (estimated) value of a land plot. If a land plot will not be sold by the results of two auctions, there will arranged another auction, providing for reduction of the price of the cadastral value with the minimum threshold (50% of the cadastral value)", - said E. Dosayev.
The draft law also suggests preferential terms for the purchase of land plots in lease. Commenting on the innovation, the Minister noted that this provision takes into account the interests of the current land users and provides them with the right of redemption to private ownership of previously granted land for agricultural purposes before the end of the lease term at a discounted price to be determined in the amount of 50% of the cadastral value with the installments up to 10 years.
Zhanar Serdalina
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