Extended list of information on developers in the design declaration

18.09.2019

Moscow developers were required to indicate in the project declaration information on individuals and legal entities that are in the same group as the construction company, said Anastasia Pyatova, chairman of Moskomstroyinvest.

“This is due to changes in competition law. The amendments were made to the order of the Ministry of Construction of Russia “On approval of the form of the project declaration”, said Anastasia Pyatova.

She noted that developers are also required to disclose information on the amount of payments under agreements on the development of the built-up territory and its integrated development. This is indicated in paragraphs 7 and 8 of part 1 of article 18 of the law on shared construction (214-FZ). In addition, developers must publish information about the target loan (loan), the available loan amount with a limit, unused balance at the last reporting date.

They will also indicate information on the concluded equity participation agreements (DDU), indicating the quantity, total area, price, type of the shared construction object.

Separately, the number of contracts is published subject to the payment of contributions to the compensation fund (concluded according to the old scheme) and using escrow accounts.

Recall that the amendments to the 214-FZ entered into force on September 15, ten days after the official publication of legal information on the Internet portal.

 “The new data that developers will disclose will help us better analyze the reliability of the developer and identify possible risks. However, this information will also be useful to citizens – potential buyers who do not have special knowledge in the field of financial audit”, Pyatova emphasized.

She explained that if the planned construction cost (paragraph 18.1.1 of the project declaration) is higher than the available loan amount, this should be noted.

“A bank acting as an escrow agent, that is, in which a citizen will open an escrow account, must coincide with the bank indicated in the information about the target loan. Buyers should carefully analyze the discrepancies in this data”, concluded Pyatova.

Source: Moscow construction complex

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