Minister of Finance Yair Lapid and Minister of Housing and Construction Uri Ariel today signed a blanket agreement for mass residential construction with the Modiin Municipality, a month after the first such agreement was signed for Kiryat Gat. The agreement paves the way for the marketing of 11,800 new apartments in Modiin through 2017, including 5,000 apartments in 2014-15.
The blanket agreement makes possible intensive marketing of available land for residences. A blanket agreement harnesses in advance all the relevant government ministries for the rapid sale of land in high-demand areas, in cooperation with the municipalities. The agreements' guiding principle is pre-financing by the government for the construction of infrastructures, schools, public buildings, parks, and highway interchanges before a project is marketed. The blanket agreement guarantees developers building permits within 90 days, shortening the time to build new neighborhoods.
At the press conference marking the signing, Israel Land Authority chairman Benzi Lieberman said that additional blanket agreements would signed with other municipalities, including for 10,000 apartments in Rosh Ha'Ayin, 7,500 apartments in Kiryat Bialik, 11,000 apartments in Rishon LeZion, 7,000 apartments in Herlziya, 7,500 apartments in Yavne, and 12,500 apartments in Beersheva.
Altogether, agreements will be signed for the marketing of 55,500 apartments in these towns, and for 75,000 apartments if the two agreements for Kiryat Gat and Modiin are included.
Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2014
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