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Moscow drops real estate construction to improve traffic situation

December 04, 2012, 13:47 UTC+3
The city planning policies had to be revised, including for purposes of normalization of the traffic situation in the city, the mayor said
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MOSCOW, December 4 (Itar-Tass) — In the past two years the Moscow government has dropped investment contracts on the construction of buildings with floor area nine million square meters, Moscow Mayor Sergei Sobyanin said at the Moscow Second Urban Forum held at Manezh exhibition center on Tuesday.

The Moscow government has revised its relations with the investors; hundreds of contracts on the construction of buildings, which might have worsened the traffic situation, were broken, Sobyanin said. All in all the construction of real estate with floor area of around nine million square meters was stopped. According to Sobyanin, this area equals to thirty buildings such as the Empire State Building in New York.

All the contracts were broken in a civilized manner, with losses compensated to the investors who were offered alternative construction projects. As a result, the volume of investments has grown, rather than declined; in the outgoing year the investments went up by approximately 23 percent, Sobyanin said. The city has concentrated its own investments on the realization of a program on the development of public transport, metro construction and development of the road infrastructure, the mayor said.

The city planning policies had to be revised, including for purposes of normalization of the traffic situation in the city, the mayor said.

 

 

 

 

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