Chart for calculation of construction value (Bs. /M2) by type dwelling units under lease
Resolution No. 203 issued by the Ministry of the Popular Power for Housing and Habitat was published in Official Gazette No. 40,054, dated November 20, 2012. The purpose of the Resolution is to establish the construction values pursuant to article 74 of the Law for Regularization and Control of Leases and Dwelling Units (the “Resolution”), in order for their legal application to the calculations of fair value to be determined by the National Superintendence of Housing Lease (Superintendencia Nacional de Arrendamiento de Viviendas - SUNAVI) within the frame of its competence.
The Resolution determines that an inspection chart will be applied to single-family or multifamily dwelling units in order to obtain the points for the determination of the Construction Value, with the purpose of applying the Replacement Value (RV) indicated in article 18 of the Regulations to the Law for Regularization and Control of Leases and Dwelling Units, according to the constructive aspects that consider their structure, walls, ceiling, floor, plumbing, electric installations, mechanical installations, drinking water and sewerage waters, doors, windows, and any other detail that distinguishes the real property. For purposes of the valuation of the internal and external works made at a subsequent time, the owner must demonstrate them by means of a document certified by the competent municipal authority, according to the criteria therein established.
Once the inspection has been made and the relevant points have been obtained, all procedures for the calculation of the fair value of real property under lease, regulated and controlled by the SUNAVI, must be governed by the charts contained in the Resolution. The Resolution also establishes that the lessees that acquire a real property according to the methods therein provided and that wish to sell said real property are bound to do it under the same calculation methods. In the event of contravention, the new purchaser may file an action for collection in Bolivars of the amount of the difference existing in relation to the calculation of the fair price at the time of the sale.
The Resolution became effective upon its publication in the Official Gazette and the values published in the same will be valid until December 31, 2013.
In order to access said Resolution, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”