RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY

of October 12, 2009 No. 01/19-18/21

About approval of the National standard of assessment of property of the Republic of Uzbekistan "Real estate value assessment"

According to the Law of the Republic of Uzbekistan "About estimative activities", resolutions of the President of the Republic of Uzbekistan of April 26, 2006 "About measures for enhancement of activities of the State Property Committee of the Republic of Uzbekistan" and of April 24, 2008 N PP-843 "About further enhancement of activities of the estimative organizations and increase in their responsibility for quality of the rendered services" the State committee of the Republic of Uzbekistan on management of state-owned property decides N PP-335:

1. Approve the National standard of assessment of property of the Republic of Uzbekistan "Real estate value assessment" according to appendix.

2. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Appendix

to the Resolution of the State Property Committee of the Republic of Uzbekistan of October 12, 2009 No. 01/19-18/21

National standard of assessment of property of the Republic of Uzbekistan (NSOI N 10) "Real estate value assessment"

This National standard of assessment of property of the Republic of Uzbekistan (NSOI N 10) "Real estate value assessment" (further - NSOI N 10) according to the Law of the Republic of Uzbekistan "About estimative activities" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1999, N 9, the Art. 208), the resolution of the President of the Republic of Uzbekistan of April 24, 2008 N PP-843 "About further enhancement of activities of the estimative organizations and increase in their responsibility for quality of the rendered services" (The collection of the legislation of the Republic of Uzbekistan, 2008, N 18, of the Art. 145) determines normative regulation of estimative activities in the Republic of Uzbekistan.

Chapter I. General provisions

1. The purpose of NSOI N 10 is setting standards and edited on value assessment of the real estate, determining terms and determinations, requirements to information, procedure for evaluating, approaches and evaluation methods, requirements to registration of results of assessment.

2. In NSOI N 10 the following terms and determinations are used:

analog - similar according to the main economic, physical, technical and other characteristics to assessment object other object which price is known from the transaction which took place under similar conditions or from the proposal made in the competitive market;

the gross rent animator - the indicator reflecting price relation of sale and gross (potential or valid) the income of real estate object;

cash flow - the cash flow created during the certain period of time by real estate object;

the parcel of land - the part of land fund having the fixed border, the area, location, legal regime and other characteristics reflected in the state land cadastre;

the unspecialized real estate - the real estate which is bought, on sale and leased in the public market;

encumbrance - the right to the real estate including the right to pledge, lease, the servitude, restriction, agreement obligation, property right to retain, the judgment about seizure of property, assignment of rights and other rights established by the legislation acquired for the real estate. Encumbrances are established according to the legislation or the agreement;

general capitalization rate - the indicator determined on the basis of the analysis of the relations of net operating incomes of analogs to their prices;

object of construction in progress - object on which construction works are begun, but are not finished for date of assessment and (or) on which, in accordance with the established procedure, documents on acceptance in operation regardless of sources of financing of asset construction are not processed;

the specialized real estate - the real estate which owing to the specifics (design features, specialization, the size, location or combination of these factors) has the usefulness limited to specific type of its use and which seldom is on sale in the public market, except cases of sale it as part of the company;

discount rate - the percent rate used for reduction of all predicted expenses connected with creation or transformation of the estimated real estate object, and the income which by calculations it will create in the future, to date of assessment of this object;

capitalization rate - indicator flowing (for certain date) profitability of the real estate objects similar to assessment object;

reproduction cost - cost amount on creation of the new object identical to assessment object with use of identical materials and technologies;

replacement cost - cost amount on creation of new object with usefulness similar to assessment object using modern materials and technologies;

current value - the cost of future income specified for certain date with use of the corresponding discount rate;

improvements - the changes on the parcel of land created as a result of activities for its transformation for subsequent use and it is strong with it connected. Improvements include buildings, constructions, the engineering systems and networks, long-term plantings and other objects constituting in total with listed, constructive or functional whole;

the net rent animator - the indicator reflecting price relation of sale and net operating income of real estate object.

Chapter II. Scope

3. Assessment objects to which action of NSOI N 10, extends are real estate objects (real estate) as which are understood:

free (without improvements) the parcels of land;

the built-up parcels of land (the parcels of land with improvements).

The cost of objects of assessment is determined taking into account property (real and obligations) the rights to them, encumbrance and restrictions of such rights.

4. NSOI N 10 is intended for the estimative organizations, appraisers, customers of estimative services and is subject to obligatory application when rendering services in value assessment of the real estate and examination of reliability of valuation reports of real estate value.

5. NSOI N 10 is not applied when rendering services in real estate appraisal for the purpose of privatization, and also in case of examination of reliability of the valuation reports which are carried out for this purpose.

6. In case of application of NSOI N 10 it is necessary to be guided by the Methodical instructions given in appendix to this NSOI N 10.

Chapter III. Interrelation with accounting standards

7. Results of value assessment of the real estate which is carried out according to requirements of NSOI N 10, can be used by persons on whose balance there is assessment object for adjustment of accounting data and the reporting if the regulatory legal acts concerning financial accounting and the reporting provide departure from general rules of assessment of assets on the basis of original (historical) cost.

8. In case of accomplishment of assessment for the purposes of financial reporting preparation depending on the ownership purposes the real estate is divided into the following categories:

the real estate used in activities of the company (business);

the investment real estate used for receipt of this or future rent income or for preserving or value addition of the capital;

the real estate, excessive for requirements of production (business);

the real estate intended for the purposes of development and development.

the real estate used as trade inventories.

9. In case of the real estate appraisal used in activities of the company (business) as measurement base it is applied:

market value in case of the existing use - for the unspecialized real estate, including the real estate estimated on the basis of its business potential;

residual cost of replacement - for the specialized real estate.

In case of assessment of the investment real estate and real estate, excessive for requirements of production, as measurement base market value is applied.

In case of the real estate appraisal intended for the purposes of development and development as measurement base it is applied:

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