Budapest secures Rákosrendező site deal, paving way for development

Talks between the national asset manager and Budapest’s public utilities company on contractual issues governing the sale and purchase agreement of the planned Rákosrendező property development successfully concluded on Friday, Gergely Karácsony, the mayor of Budapest, has said.

The parties have signed all the necessary documents related to the area in the 14th district in the northwest of the capital, and the Budapest company will transfer the first instalment of the purchase price on Monday, he said in a post on Facebook.

An application for the registration of the Budapest company’s ownership will be lodged at the land office the following day, he added.

Based on the purchase contract, an agreement must be reached with national railway company MÁV on how to divide land usage within 60 days, then the Budapest company can take possession within a month. It will then begin removing waste blighting the area.

This includes waste deposited by the state, he said, adding that a deal will also have to be concluded on state transport investments and legislative amendments needed for developing the area.

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