Érd Municipality gives green light to gated community development project

Geoid Pld Kft, owned by the Delaware-based Berlink International Limited offshore company bought 16 hectares of ex-defence property on the outskirts of Érd, a suburban town situated on the south-west borders of Budapest. The company got the asset for two apartments worth of 80 million HUF in 2004 but the area is now going to be worth approximately 2 billion HUF, after the municipality gave green light to Geoid’s ambitious appartment construction project. Locals say the municipality neglected their objections against the area’s requalification which happened rapidly this year. Municipality started EU financed infrastructural developments in the area as well. The forthcoming residential constructions also raise environmental concerns as the surrounding fields are part of the strictly protected Natura 2000 lands. Protesters say Érd suffers from various negative effects of suburbanization and building a new residential area for 1000 people will cause more problems in the town. The offshore company behind Geoid formerly owned IMG Media Group Kft. as well, which is doing surprisingly well on government tenders since Fidesz came into power two years ago.