Fifteen developers are prepared to implement investment projects in the Lugansk People’s Republic, said the press service of the Territorial Development Fund (FRT) state-owned company. FRT representatives took part in a recent conference in Moscow which addressed the LPR’s town-building potential.
The plans to modernize utility networks in the new regions are synchronized with housing infrastructure development to encourage home construction, FRT Deputy Director Konstatin Vostrikov said.
The LPR Construction Ministry earlier reported that eight developers in the Free Economic Zone planned to launch housing construction in the Republic under the preferential mortgage program.
LPR Head Leonid Pasechnik said during a “Direct Line” question and answer session said that the Ministry had selected land plots for developers.
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The Free Economic Zone law adopted in June sets a favorable business climate in the new Russian territories. FEZ companies are exempt from paying property tax a period of ten years and land tax for three years and enjoy lower insurance fees.*i
