The implementation period of the World Bank project on real estate registration in Azerbaijan has been extended until the end of 2014, project director Gevin Adlingqton told journalists on Wednesday. Previously the completion of the project was planned for the end of February 2013.
"The real estate registration process took 60 years in my country. As a result of intensive efforts such as adopting IT-systems, digital cadastral cards and others, this project is planned to be completed within five years in Azerbaijan,"Adlington said.
He said the major issue for the timed implementation of this project is document automation at the State Committee on Land and Cartography, but "we are still optimistic".
Management strategy for 'illegal buildings' has also been developed in the project framework and this process will be controlled by Azerbaijani government the WB representative noted.
In July, 2007, the Azerbaijani government and WB signed a memorandum of co-administration of a single real estate cadastre in the country.
The project consists of four components; registration of real estate; administration and register of state property; basic cartography and land cadastre; trainings, policy forming and project administration. The project costs amount to 38.57 million dollars with 30 million falling to the share of WB credit. Credit resources are allocated for the period of 20 years with a grace period of five years.
According to the project system of real estate transactions, registration will be automated in each of the 21 register offices. This system is expected to lead to an increase in the number of transactions. The project covers 21 offices of the State Service of Real Estate Registration and 60 offices of the State Committee on State Property Administration. Woodlands, wetlands and natural areas will be included in this system.