The decision to approve the city reconstruction bill was taken by the Council of Ministers at today’s meeting, at the proposal of the Minister of Internal Affairs, Constantinos Ioannou. The bill is aimed at creating and operating a mechanism and procedure for the consolidation, management and redistribution of real estate in the development area for the purpose of its urban development activation. At the same time, it provides the opportunity for rational and economical urban planning of territories within development zones.
The objectives of the bill are:
- creation of land ready for development;
- reorganization of real estate in development areas;
- rational zoning of land according to the Urban Revitalization Plan;
- rehabilitation and revitalization of territories after natural or man-made disasters.
Urban reconstruction ensures a reduction in the “dispersion” of development and the need for individual residential real estate outside the development. At the same time, urban renewal is intended to solve a number of problems for landowners who cannot develop their plots either because they are fenced, or because they include several properties on the same site, etc. In addition, urban renewal contributes to solving environmental problems, addressing the effects of climate change, limiting urban sprawl, meeting housing needs and increasing the supply of land in different sizes and shapes depending on intended use.