Tashkent to Create Apartment Bank for Urban Renewal Projects

Tashkent, Uzbekistan (UzDaily.uz) — Tashkent plans to establish an "apartment bank" for homeowners whose properties are included in urban renewal projects. The pilot initiative will be implemented by Tashkent Invest through 2031 under a presidential resolution by Uzbekistan's President Shavkat Mirziyoyev on the capital's socio-economic development.

The new mechanism will allow apartments from a dedicated housing reserve to be provided either as compensation for acquired property or as temporary accommodation until construction of a new residential building is completed. The procedure for allocating such housing in urban renewal zones will be approved by the Tashkent City Council.

To establish the apartment bank, Tashkent Invest will be able to use funds from the Tashkent City Development Fund and other lawful financing sources. Housing will be purchased through a request for proposals (RFP) process.

Under the resolution, state-owned real estate located within urban renewal areas will be transferred to the company at its residual value. Properties owned by state enterprises are to be sold to Tashkent Invest at market value determined by an independent appraiser, with the option of installment payments over a period of up to three years.

The company will also be entitled to sell buildings constructed or renovated under urban renewal projects through online auctions. Contractors for construction and installation works will be selected in accordance with national legislation.

Earlier, Tashkent Invest Deputy Chief Executive Rustam Kodirov said the urban renewal programme does not involve the large-scale demolition of old housing. According to him, reconstruction decisions will only be made after a technical inspection confirms that a building is unsafe and poses a threat to residents' lives or health.

The first stage will focus on inspecting around 2,200 two-storey residential buildings constructed between the 1930s and the 1970s. Kodirov stressed that the age of a building alone will not be grounds for inclusion in the programme.

Tashkent Invest is currently developing urban renewal projects in the Mirabad, Yashnabad and Sergeli districts of the capital. The company is negotiating with developers to ensure that residents are relocated as close as possible to their current homes.

Property owners will be offered three compensation options: a cash payment, temporary relocation followed by a return to a newly built apartment after construction is completed, or an apartment of equivalent value in another district.

Residents can find out whether their building is included in the urban renewal programme through their local mahalla citizens' assembly. Special project offices have also been established in the affected districts, where Tashkent Invest representatives provide consultations to residents.