Landlord’s Share Can Be Sold in Case of Risk
A new regulation has been published in the Official Gazette regarding the working procedures of the General Directorate of Urban Transformation, the General Directorate of Marmara Urban Transformation, and the General Directorate of Real Estate and Resource Development. These directorates were established last year under the Urban Transformation Directorate with the aim of renewing Turkey’s building stock.
The General Directorate of Marmara Urban Transformation will be responsible for determining reserve building areas in the Marmara region, including Istanbul, where a possible earthquake is expected. It will also ensure that the rights holders are determined, the value of existing real estate is determined, and these values are updated. Additionally, this directorate will monitor the evacuation and demolition processes in risky areas and determine the beneficiaries who will receive rental or moving assistance.
One notable aspect of the regulation is that the general directorate will sell the shares of homeowners who do not agree with the decision taken by the absolute majority of the owners in risky buildings. This measure is aimed at facilitating the process of urban transformation and ensuring the safety of residents in risky areas.
Overall, the publication of this regulation marks a significant step in the efforts to renew Turkey’s building stock and mitigate the risks associated with potential natural disasters. It demonstrates the government’s commitment to urban transformation and the safety and well-being of its citizens.
