CAR PARKING SPACES TO BECOME REAL ESTATE ON JANUARY 1, 2017

State Duma passes corresponding amendments in second reading.

Yesterday, Duma passed on second reading a draft legislation amending the Civil and the Municipal Construction Codes, the state real estate registration law, and the mortgage law. The amendments to be made in RF Civil Code will turn car parking spaces into real estate.

Earlier, the Economics Ministry proposed to refer car parking spaces to a separate real estate category. The draft legislation, prepared by the Ministry, referred to car parking spaces simply as a “land lot”.

The changes made their way to the draft law in between the first and the second readings (the draft legislation was adopted in first reading as early as in June 2015), which makes it quite probable that the changes will become law on January 1, 2017.