The Town Hall is going to own 30% of the residential land in the future Montegancedo neighbourhood in Pozuelo de Alarcón, which will be transferred to it free of charge by the project’s property developers, Aedas Homes and Pryconsa.
The future neighbourhood, which has received initial approval for the land subdivision plans, “will mean an economic injection of about €100 million into the Town Hall’s coffers in the form of an asset increase”, since the City Council is going to own 30 % of the residential land, according to a note sent.
