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Town Hall of Madrid Criticised for Selling Plot Reportedly Worth €48M for €16M

Posted by: In: Real Estate 20 Apr 2018 Comments: 0 Tags: , , , , , , , , , , ,
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18 April 2018 – La Vanguardia

The PSOE has denounced the Government of Manuela Carmena for breaching the agreed budget for 2017 and “the most basic municipal obligation” with its sale of a plot in Carabanchel for €16 million. It alleges that the sale was a “total waste”, given that the site was reportedly worth €48 million, up to three times more.

The socialist councillor, Mercedes González, condemned the delegate for Sustainable Urban Development (DUS), José Manuel Calvo, for the sale of the plot measuring 38,140 m2, which had belonged to the EMT, for a “modicum sum” in an auction in which the property developer Pryconsa participated on its own.

The plot is located on Avenida de Carabanchel, 21, in the district of Carabanchel, in a privileged location in the opinion of the PSOE – the investiture partner of Ahora Madrid – where a significant number of social housing properties could have been built.

The socialist spokesperson on the committee denounced that the plot had been sold with the knowledge and consent of the delegate, whose team also supported the “enormous” growth of the buildability from 2,600 m2 to 27,000 m2 (…).

The plot was sold for €427/m2, or €16 million in total, even though, according to the IBI (Property Tax) charge, the cadastral value of the site is €48 million (…).

In the face of these complaints, the councillor José Manuel Calvo defended that he had not intervened in the process or the sale decision (…).

The deal between PSOE and Ahora Madrid for the 2017 budgets established that the Town Hall would not sell any of its land or properties.

Original story: La Vanguardia

Translation: Carmel Drake

The post Town Hall of Madrid Criticised for Selling Plot Reportedly Worth €48M for €16M appeared first on Aura Real Estate Experts.

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