Tbilisi Development Fund has announced tenders for the rehabilitation Rustaveli Avenue and Kostava Street. Tenders include the improvement of building facades and rehabilitation of damaged roofs. The total value of the new tenders amounts to GEL 3.3 million and it represents one of the stages of the rehabilitation of Rustaveli Avenue, the total value of which will be up to GEL 90 million.
As the Director of Tbilisi Development Fund stated in an interview with "Business Course", the process of procurement of design works is underway at this stage. According to him, after the winning companies are revealed, the tender for construction works will be announced. According to Giorgi Papava, the first rehabilitation stage will start this year.
"The rehabilitation of Gudiashvili Square and Orbeliani Street is a clear example of the fact that the value of real estate increases by at least 400%. Since, not only the dilapidated house was improved, rebuilt or rehabilitated, but the area was tidied up, the district changed completely and a new point of attraction was created.
Rustaveli is the main avenue, after the rehabilitation, it will be fully transferred to the population. The municipality does not intend to build bigger, taller and wider buildings. Therefore, the value of real estate will probably be higher than that of Gudiashvili and Orbeliani streets. However, it is difficult to predict how much will the price increase, but the 400% increase will be here as it was elsewhere," says Giorgi Papava, director of the Tbilisi Development Fund.
