House approves revised Real Estate Law
The House of Representatives approved the amendments to the Real Estate Ownership Law aimed at enhancing transparency and fairness in property valuation and compensation for expropriation. The amendments include enabling the Land and Survey Department to receive real estate transactions electronically, granting valuation committees the authority to determine property values based on precise standards, and empowering the Council of Ministers to transfer land ownership from the state to public investment funds to promote investment and facilitate property ownership, while safeguarding the rights of parties involved in partition cases before the judiciary.
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