Registration for the Ministry of Oil employees’ housing project has begun in Tehran

According to Energy Press, according to the registration notice for the “Tehran Oil Residential Complex” project, this project will be built on a 32-hectare plot of land in Tehran’s 4th district, on the northern side of Shahid Zein al-Din Highway and within the Shahid Rote (Estakhr) and Shahid Bakhtiari streets, and will include 52 towers with about 5,000 residential units.

According to the announcement of the Ministry of Oil Employees Housing Cooperative, all official, fixed-term contract, temporary contract, and contractor employees and retirees of the Ministry of Oil and its affiliated companies in Tehran and other provinces have the opportunity to participate in this initial call. In this project, due to the lack of use of government land, the “Form C” restriction will not be applied.

If the number of applicants for residential units increases, prioritization will be done based on indicators such as service history, marital status, number of children, self-sacrifice history, and registration time, and other applicants will be given priority in subsequent projects.

The Ministry of Oil Employees Housing Cooperative has also announced coordination to provide long-term bank facilities; Facilities that are communicated in accordance with the progress of the project and at specific intervals, and if the members wish, its installments are deducted from the monthly payments.

The land for this project was purchased through a call from Bank Sepah and based on the approvals of the Supreme Board for the Production of Government Assets and under the supervision of the Privatization Organization. The terms of the land purchase include a 20% cash payment and the remaining amount in 8 6-month installments (a total of 48 months) at the interest rate approved by the Central Bank (23%). After the initial payment, the ownership of the land is transferred to the Ministry of Oil Employees Housing Cooperative.

The construction period for this project is estimated to be between 36 and 48 months (three to four years), and briefing sessions, questions and answers, and in-person visits for applicants will be announced in subsequent announcements.

According to the announcement, applicants must deposit 10 million Tomans as a membership fee at the time of registration to the Ministry of Oil Employees Housing Cooperative account number 3001313439866 at Bank Sepah.

With the aim of protecting members’ capital, this project uses a new “token”-based sales model; a model in which ownership of residential units is defined in proportion to the actual payment of members and transfers financial risks arising from miscalculation or mismatch between project progress and financial obligations to the individual asset level. Within this framework, a controlled secondary market has been designed for the online purchase and sale of tokens.