On 1 June the Armenian Government recognized eminent domain over the closed areas on Yerevan's main avenue – Abovyan, Pavstos Buzand, Yeznik Koghbatsi and Aram streets. These areas will be alienated for the implementation of 'Old Yerevan' urban development project. According to the project, the objective of reconstructing this neighborhood is the applied and aesthetic improvement of historically developed areas, determination of the reserve area of regular development and involvement in the city's life. 'IMS' CJSC has been recognized as the site developer. The deadline for launching the process of property alienation is 30 June 2018.
Contracts will be signed between the property owners in the areas recognized as a prominent domain or other right owners and the acquirer of the above mentioned areas will exclude the provision of the apartments from the buildings to be built in the future as a form of compensation from the alienated area.
16:54 June 02, 2017