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Preferential term for the acquisition of land in Moscow at the reduced rates is extended until July 1, 2012

On November 22, 2011, the Russian Federation State Duma adopted Federal Law № 321954-4 concerning amendments to Articles 2 and 3 of the Federal Law, “On introduction of the Land Code of the Russian Federation and certain legislative acts of the Russian Federation” (hereinafter – the “Law”).

I. Acquisition of property

The most anticipated change in the Law is the extension of the preferential term for the acquisition of state land owned by individuals who are entitled to its privatization at the reduced rates of 20% and 45% of the cadastral value.

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