Armenian authorities seek to optimize process of expropriating  property for public needs

ArmInfo. The Armenian authorities want to optimize the process of expropriating property  for state needs. Amendments to the law "On Alienation of Property for  the Purpose of Ensuring Priority Public Interests" and a package of  related documents were discussed at a meeting of the National  Assembly Committee on State and Legal Affairs on February 5.

Presenting the amendments, RA Minister of Justice Srbuhi Galyan noted  that, compared to the first reading, the package has been amended  several times, some of which are clarifications, while others are  substantive.  The documents pertain exclusively to real estate,  including expropriated property held as collateral. The amount of  compensation for expropriated property is determined by a procedure  approved by a government decision. The package includes a set of  incentives for owners of expropriated property. In the case of  voluntary expropriation, owners will be able to count on compensation  of up to 30% of the market value.  The adoption of this package of  projects will improve legislative norms for recognizing the priority  interests of society, thereby increasing the validity of relevant  government decisions, and improving and clarifying procedural and  judicial procedures.