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On April 22-24, 2015, Moscow hosted the XII Annual International Real Estate EXhibition (REX*), a major event with a packed business program. Igor Chumachenko,VEGAS LEX Partner and Head of the Real Estate, Land & Construction Practice, spoke at the Commercial Property: Reboot, Revalue, Rebuild conference during a session on the growing tax burden in development and the court practices of contesting the cadastral valuation of property.

Mr. Chumachenko described the modern practices of doing so. The participants then discussed the possibilities of in and out-of-court settlement procedures, the stance that the courts take on the results of cadastral valuation of land and properties being contested, reasons for demanding expert evaluation, types of claims and specifics of the hearing such as the need to demand that the “new” cadastral value be entered to the State Real Property Cadaster, the algorithm for contesting the valuation and other important aspects of defending property owners’ interests.

Other issues for discussion included this year’s amendments to the Russian legislation that are most relevant for developers, the penalties for breaking construction deadlines and failure to use the land as designated, as well as other relevant legal and economic risks for developers and land owners.

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* REX is one of the major longstanding venues for commercial property market professionals in Moscow. Over the past 12 years, REX has become an indicator of companies’ success and stabile performance on the Russian commercial property market. It offers over 10,000 sq m of exhibition area used by over 500 companies from Russia, Ukraine, Belarus, the Netherlands, Great Britain, Sweden, Italy, Germany, USA, Canada, Australia and other countries, with the number of visitors exceeding 47,000.http://mallgroup.ru/rexevents/rex.

For more information on VEGAS LEX’s services on the development, construction and land relations market please go here.