The Bucharest Sector 4 City Hall has already filed the necessary papers to get a zoning plan for the vacant lot on Calea Vacaresti, which has potential for development but sits unused.
“The Cadaster Department of the Sector 4 City Hall is currently reviewing the property regime in that area,” the Sector 4 City Hall officials said, who did not specify who the owners of the land were or how the space would be used.
The area has the same status as the Berceni, Barbu Vacarescu, Colentina and Orhideelor areas in Bucharest.
The announcement inviting consultation on the proposed development submitted with the Urban Planning Department shows the Bucharest Sector 4 City Hall, as beneficiary seeks to establish construction rules in line with the current development trend of the area.
The company working on the zoning plan is Vego Concept Engineering. It is also working on the zoning plan for the southern area of Sector 4 and has also worked on projects for several office, residential and retail developments.
Average land price in the Vacaresti area, according to real estate site imobiliare.ro is EUR400 to EUR500 per square meter, which means the 32,000 square meter plot is worth least EUR13 million. The same site shows six plots are for sale in the area bordered by Calea Vacaresti, the Vacaresti Natural Park, Sun Plaza and Asmita Gardens, the largest of which has 2,243 square meters and the price is EUR1.7 million.
The Piata Sudului area of Bucharest is becoming an important area for the local real estate market, considering the latest infrastructure project in the city was completed there, as was one of the biggest mall expansions (Sun Plaza).
The entire southern area of Bucharest is seeing significant residential growth, with a number of developers currently working on complexes in Metalurgiei, Luica and Turnu Magurele areas.
(English version by Loredana Fratila-Cristescu)