On 27 October 1924, the Turkestan ASSR was dissolved. In accordance with the decree of the Central Executive Committee of the USSR and the Turkmen SSR, it became one of the republics of the Soviet Union. At this time the modern borders of Turkmenistan were formed. The Turkmen Government renamed Ashgabat into Poltoratsk after a local revolutionary, however the name "Ashgabat" was restored in 1927. In February 1925, the Turkmenistan Communist Party held its first Congress in Ashkhabad. From this period onward the city experienced rapid growth and industrialisation, although it was severely disrupted by the October 1948 Ashgabat earthquake. With an estimated surface wave magnitude of 7.3, the earthquake killed 10,000–110,000. According to other local sources, two-thirds of a population of 176,000 inhabitants perished.