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The successful two-fold reduction of cadastral value for ‘OMZ-Spetsstal’

On the basis of a report prepared by the company Surveyor International Group, the Arbitration Court ruled in favor of the requirements of ‘OMZ –Spetsstal’ to establish a new cadastral value of eight land plots.

From March to June 2014 specialists from the investment valuation department of the company Surveyor International Group carried out an assessment of the market value of 8 industrial land plots with a total area of 27 hectares. The client requesting the evaluation was the major metallurgical company ‘OMZ -Spetsstal’.

The purpose of evaluation was to determine the market value of the land plot of ‘OMZ –Spetsstal’ to challenge the cadastral value. Specialists of Surveyor International Group determined the market value of the declared areas to be 50% lower than the cadastral value. Based on the evaluation ‘OMZ –Spetsstal’ filed a lawsuit with the Arbitration Court of St. Petersburg with a request to set the cadastral value of the land assessed at the market figure.

The decision of the court on August 12 was a validation of ‘OMZ-Spetsstal’ requirements and the establishment of a new cadastral value for the land. A decisive role in the making of this decision was played by the possession of corroborative specialist findings from SRO reports prepared by the Surveyor International Group.

Ivan Grigoriev, head of the investment evaluation department at Surveyor International Group: “We believe this is a triumph for our client, who has achieved a significant reduction in the valuation of land. Some errors in the calculation of cadastral value are possible, even though the cadastral valuation is carried out with the highest level of accuracy. Cases of challenges succeeding are quite rare, and our case should strengthen the confidence of the business community regarding the possibility of a fair outcome to such disputes."

Decision from 12 August 2014 of case no А56-28489/2014