Russian president Vladimir Putin had the meeting with the cabinet concerning the transition to new housing construction rules. First of all, it concerns such a problematic area as co-funded construction. Starting on July 1st, all developers will have to switch to a financing system with escrow accounts. It's when the money in a bank account is frozen until the developer fulfills its obligations in full. They receive the money from the co-investors only after they build and hand over the building. Over 1.3 billion square feet of housing is currently being built in Russia. 70% of them will be built according to the old rules. The other 30% will receive project financing and will begin to use escrow accounts.
Subscribe to Vesti News
Please Click On YouTube Notification Bell 🔔 Next To Subscribe Button To Be Notified Of New Russia Insight Videos!
Donate Bitcoin 17svLdxJmzf8GyehbpqVpbiJhxs8j66G26
Donate Litecoin LbCxkRx7ikFbZiHt69nc2hVrAeakqdFo7t
Donate Ethereum 0xd760DEedaA49Ff2C8BdfeB7f332b407EDe272b18
0 Comments