Land ownership extended

Oyundelger 2019-03-29 05:03

Society

Executive staff of the construction industry gathered at the State House on March 25.

Executive staff of the construction industry gathered at the State House on March 25. More than 600 representatives of the sector participated in the annual conference. Minister of Construction and Urban Development K.Badelkhan opened the conference, emphasizing that in order to improve legal environment of the sector, the laws on Urban Development, Land, Cadastre and Cadastral Maps, Land charge and Geodesy, cartography are under revision as well as the Law on Allocation of Land to Mongolian Citizens for Ownership was extended for 10 years or until 2028. “We have developed and adopted the ‘General plan for Mongolian population settlement and residential development’, established a National Committee responsible for the project and attracted the team of researchers and experts. The plan will be a fundamental document for the development of Mongolia,” said Minister. The ‘Financial procedures on mortgage loan discount’ has been approved and the funding source for mortgage loans was doubled up to MNT 500 billion. In addition, the USD 300 million bond has been raised on foreign markets to increase the sources of mortgage loans.