The government has approved an investment project for the construction of two apartment buildings in the city of Ararat, valued at over 3 billion drams.
The company “ML MINING” will construct a total of 198 apartments at 20 and 37/1 S. Shahumyan Street by 2030. Of these, approximately 48 apartments with an area of about 68 square meters will be provided free of charge to the Ararat community to address the housing issue of residents of demolished buildings.
The community will also be provided with approximately 686 square meters of public space for establishing a library. The remaining 150 apartments can be sold by the company.
For the implementation of the project, the community will donate two land plots totaling over 0.36 hectares to the company. Incomplete and unfit buildings on the site will be demolished.
The project is expected to create around 50 jobs and generate approximately 1 billion drams in tax revenue for the state budget.
If the conditions are not met, and if the land plots are not used for their intended purpose within five years, the property will be returned to the community without compensation.
