Obtaining the permit for project financing for developers will be easied
Russian President Vladimir Putin has instructed the Government to amend the legislation to simplify the obtaining of permits for developers who are switching to funding through escrow accounts. Corresponding changes should be accepted until July 1 of this year.
“The Government of the Russian Federation, jointly with the Central Bank of the Russian Federation, shall ensure that amendments are made to the legislation of the Russian Federation aimed at simplifying the procedure for obtaining by developers of permits for housing during the transition from the implementation of such construction projects with the involvement of funds from citizens participating in shared construction to finance construction using accounts escrow, ”says the list of instructions from the President for the implementation of the national project“ Housing and urban environment.
Recall that from July 1, 2019, Russian developers, attracting citizens ‘funds for building objects, will have to switch to a new project financing scheme, according to which the co-investors’ money is kept on escrow accounts until the end of construction.