Construction permits: suspension of proceedings

On November 13, 2006 the Executive Branch of the City of Buenos Aires passed Decree No 1929/2006 (the “Decree”) which suspended for 90 days proceedings for the obtaining of construction permits initiated before the General Direction of Works and Catastre (“Dirección General de Fiscalización de Obras y Catastro”) of the Ministry of Government of the City of Buenos Aires. These relate to residential buildings where the height of the buildings exceed the maximum for low density areas (13.5 meters above street level). The suspension is applicable only to districts R2a, E3 and C3 of the Urban Planning Code in the neighborhoods of Villa Urquiza, Coghlan, Núñez, Palermo, Villa Pueyrredón and Caballito (according to the zoning established by Municipal Decree No 26,607).

However, according to Section 2 of the Decree, the suspension shall not preclude the commencement of any proceedings to obtain construction permits for any use, purpose or place in the City of Buenos Aires.