New rules of share construction entry into force

01.07.2019

The law came into force, approving the new rules of shared construction. Now developers will be able to attract funds from citizens only using escrow accounts in banks.

The meaning of innovation is that all citizens’ funds will be stored in special bank accounts, developers will be able to receive this money only after the transfer of apartments to buyers. For the construction of facilities developers will use bank loans.

According to experts, this mechanism should remove potential risks from co-investors and transfer them to financial organizations, developers and the state.

In this case, projects that meet a number of criteria, developers will be allowed to complete the old scheme.

Source: RIA Novosti

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