ILIC: Conversion fee must be paid in full

Velimir Ilic (Photo: Mc.rs)

Construction Minister Velimir Ilic said February 1st that the conversion of the rights of use to the rights of ownership of city building land would have to be charged 100 percent of the market value.

- The Constitutional Court said loud and clear that the conversion fee cannot be reduced and that 100 percent of the market value must be paid - Ilic told Tanjug news agency.

The construction minister noted that the Government had already prepared the Law on Spatial Planning and Development, but the conversion was still pending approval as it was, primarily, a political issue.

Ilic stressed that that law was completely aligned with European and global standards in that field, givent that it was designed in cooperation with Serbian partners from the EU and the USA, international and local institutions, investors, professional associations and experts.

- The only issue that we couldn't have resolved and none of the foreign institution was able or wanted to resolve it is conversion because it is a political issue - said Ilic.

Ilic pointed out that there would be no relief on conversion and that the estimated value must be paid.

- The Economy Ministry suggested the conversion should be charged 80 percent of the market value, whereas the Emergency Response Office proposed that it should be charged 20 percent, but the Constitutional Court was categorical and said it must be charged 100 percent - Ilic added.