Cadaster data on real estate to be updated periodically

Yearly, until June 1, the local public authorities will have to present to the territorial cadaster offices data about the land allotments, issued construction authorizations, leases of public real estate, and about unauthorized buildings. This is stipulated in the draft Law on monitoring real estate, approved by the Government, Info-Prim Neo reports. General Director of the Real Estate and Cadaster Agency Anatolia Ghilas said that the draft law is meant to create a legal basis for assuring up-to-date veridical information about the value of real estate assets and about their owners, for the purpose of taxing. The information sources will include both local public authorities and the real estate owners. According to fiscal legislation, constructions that are raised in proportion of at least 50% are also taxable assets. The owner of the unfinished real estate will inform the local cadaster official about it, if 3 years have passed since the beginning of construction works. The draft law stipulates that information about real estate assets should be updated in case of privatization, lease, forced sale, mortgage, if the last update was more than 3-5 years ago. The update of the cadaster data and the analysis of the real estate market will be financed by the State Budget. According to calculations, the yearly cost will be about 2.5 million lei, 1.5 million of which will be spent on assessing 10,000 new buildings that are raised every year.