The Federation council will be taken under control the transfer of developers to escrow account

05.04.2019

The Federation Council intends to control the reform, which implies a transition from equity financing of housing construction to escrow accounts, said speaker of the Federation Council Valentina Matvienko at a meeting of the Interregional Banking Council.

“There is a question that concerns us. It’s about switching to escrow accounts in housing construction. “The Federation Council will follow the process very closely, as it is impossible to prevent the rise in prices for housing construction,” she said.

Earlier, the head of the Mnstroy of Russia, Vladimir Yakushev, ruled out a rise in prices for new buildings after July 1 this year. According to his estimates, the rise in price can be no more than 6% and will be associated only with an increase in the cost of bank lending.

Recall that from July 1, 2019 a new housing construction mechanism will be launched in Russia – through escrow accounts and project financing. This mechanism will be mandatory for all new buildings, except those that fall under the criteria approved by the Russian government.

Source: Stroitelnaya gazeta

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