The bag law has been enacted, what will it bring for the sector?

The Bag Law Bill is enacted and confirmed by the TBMM General Assembly. A lot of arrangements have been made within the Bag Law.So what will the Bag Law bring to our life?
The areas which are determined as urban transformation, development and renovation will get temporarily electricity,water and natural gas connection if they any structure license or structure building permission with a condition of giving a consent.The Ministry of Environment and Urbanism, TOKI and the administration can 2 years stop temporarily the reconstruction and settlement operations in the risk areas or reserve structuring fields.If its necessary, for the application the reconstruction and settlement operations could be 1 year more temporarily stopped.
The Supreme Court, cancelled the provision about this arrangement topic without to determine any period.

The-bag-law

The mortgages and attachments wont be any obstacle for the deed operation

The usufructary rights,mortgages and operations like attachments after the risk areas,are demolished,wont become any obstacle to make a deed operation and consents wont be asked.
The mortgages,precautionary attachments,attachments and usufructary rights which are on shares to be sold ,within the Law of Transforming Areas Under Disaster Risk wont be any obstacle for the sales. These rights are going to be continued on sale prices after the sales.

mortgage
With a majority of 2/3 will be taken a decision

The decisions which are taken with a majority of 2/3 by tenants in the risk areas and reserve structure fields with the law are changed in a purpose to solve the problems which occur after the decisions. According to this,decisions will be taken by the tenants who have a majority of 2/3 in risk areas ,reserve structure areas and applicated stages,1/3 remained part of their shares will be sold to the tenants with whom they have agreed with but if this tenants dont buy it then these shares are going to be taken by the Ministry of Environment and Urbanism.

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    yasemin Written by:

    Yasemin Kılıç yaseminkilic@istanbulinvestments.com

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