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State Duma passed Olympic Law
16.11.2007 14:03
State Duma passed Olympic Law

Today the Russian State Duma has passed the Olympic Law regulating the order and procedure of seizure of real estate for the Olympic needs. Thus, now the assessed value of the seized real estate as well as of land plots can be estimated by any company including independent experts, it depends on the real estate owner. At the same time the document doesnt specify the type of repurchase price (cadastral or market) on the seized real estate.
      Besides, the new document prescribes the procedure of entry in and exit from the Sochi Region for the participants of the Olympics.
      The amendments will come into force 1 January 2008 and will be in effect till 2014.


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