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The rules of shared construction have changed in Russia
Today in Russia come into force new rules for the construction of housing with the attraction of money holders. Now, developers will accumulate their money on special escrow accounts. Pick up their construction firms will be able only after the delivery of the house.
The new scheme should protect co-investors from fraudsters who can raise money and disappear without having completed the house. Since July, the developer will receive money from the bank at a market rate. After the sale of apartments, the rate will decrease from 13% to 6-7% for a portion of the loan, which will be provided with funds in escrow accounts.
Also in Russia, by presidential decree, a compensation fund for the protection of the rights of co-investors should appear. If the developer fails to fulfill his obligations, citizens will receive compensation from this Fund. In addition, there will be funds that will be engaged in the completion of the problem objects. They will be financed from the federal, regional and municipal budgets.