The Government of Armenia has recognized the Noragyukh district and the territory of Paskevich Hill in Yerevan as a zone of "predominant public interest." This will make it possible to expropriate private property for the implementation of the major Downtown Yerevan project on the site between Isakov and Monte Melkonyan avenues, including the area up to the Hrazdan River gorge.
The investors will be DT Development and DT Construction. To launch the project, the expropriation of more than 1,000 properties is planned — land, houses, and other structures. Owners will be offered compensation at market value with a 15% premium, and in certain cases, up to an additional 15%. In the event of refusal, a compulsory procedure through the courts is possible.
State and municipal lands within the project boundaries will be transferred to the investor at market value with a 30% markup. Up to 5 years are allotted for the seizure of property, and up to 7 years for the launch of the project. Oversight of the process has been assigned to Yerevan City Hall, which is required to notify owners within 7 days and regularly report to the government.
