Shas ministers sign betterment tax exemption for 5 projects

The five vacate-and-build projects would result in 1,549 new apartments on sites currently occupied by 519 old apartments in two-floor buildings.

Minister of Interior Eli Yishai and Minister of Housing and Construction Ariel Atias, both Shas ministers, have signed planning and building ordinances that will allow an exemption from the betterment tax for five vacate-and-build projects: Mevo Haim in Haifa; Schiller Orlov in Petah Tikva; Bialik in Tirat Hacarmel; Yoseftal in Kadima; and Haheresh Veha'oman in Tel Aviv.

The tax exemption aims to render the projects economically viable without the need for overcrowding by the new buildings. In a statement, the two ministries said that exercising the building rights in the projects would add 1,030 new apartments as well as commercial space in city centers in high demand areas.

The five vacate-and-build projects would result in 1,549 new apartments in high-rises on sites currently occupied by 519 old apartments in two-floor buildings.

Published by Globes [online], Israel business news - undefined - on January 8, 2012

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