Tashkent, Uzbekistan (UzDaily.com) -- At the nineteenth plenary meeting of the Senate of the Oliy Majlis, the Law of the Republic of Uzbekistan "On the privatization of non-agricultural land" was discussed.

As noted, the document defines the objects of privatization and land plots that are not subject to privatization and the range of subjects of privatization, forms of privatization of land plots.

The document also strengthens the norms defining the procedure for the privatization of empty land plots, land plots on which state-owned real estate objects are located, applications for participation in an electronic online auction for the privatization of land plots, the cost of a privatized land plot.

In addition, the legal status of the privatized land plots is established.

In particular, the state order for the ownership of the land plot is a document of title and is issued by the State Assets Management Agency within one working day after full and timely payment of the cost of the privatized land plot.

In the case of privatization of a land plot simultaneously with the state real estate object located on it, a unified state order is drawn up for the ownership of the land plot and the real estate object.

At the same time, norms are being introduced regarding the rights and obligations of owners of privatized land plots, the transfer of ownership of land plots to persons who are not subjects of privatization, termination of ownership of privatized land plots, determination of the value of the withdrawn privatized land plot, its redemption for state and public needs, requisition and confiscation of a privatized land plot.

The Law also discloses the mechanisms for the privatization of land plots held by the subjects of privatization on the basis of the right of permanent use (possession), lease or life-long hereditary possession.

The adoption of the document will contribute to the formation and development of the land market, the accelerated growth of the real estate market, the increase in the creditworthiness of the population and the investment attractiveness of the country.