The State Duma of the Russian Federation adopted amendments to existing regulations governing housing construction. New laws simplify the commissioning procedure and compensation payouts to equity holders.
Now the law allows developers to use the funds of the common compensation fund even if they did not make any contributions. The fund is intended for developers who need to finalize the completion of all problematic construction objects and is backed by contributions of developers themselves.
Developers now need one planning permission for a plot land even if the plot is later divided into separate sites with different cadastral numbers.
Developers will be able to commission buildings even if its area deviates from the area indicated in the design documentation by 5 %.
The law removes the restriction according to which a conclusion on the compliance of the project disclosure statement with the established requirements cannot be issued if the developer has violated the deadline for commissioning the project by three months or more (for cooperative housing projects).
In addition, the law enables bankrupt companies to keep using funds on their operating account to spend on project documentation and engineering surveys.
The law clarifies the reasons for the exclusion of long-delayed construction from the register of problematic construction objects: commissioning of the object or full compensation payout to equity holders.
The amendments will allow banks to access funds stored on citizens' escrow accounts immediately after the commissioning, and not after formalization of apartment ownership.
The procedure for determining the market value of apartments when paying compensations to equity holders has been clarified: the value is fixed at a date not earlier than three months before the payment of compensations.
The maternity capital funds assigned to families for the improvement of home conditions will be withdrawn from an escrow account back to the Pension Fund of Russia upon termination of an equity agreement in cooperative housing construction.
The law will enter into force on the day of its promulgation.
In May, the Russian government adopted a package of priority measures to support the construction industry and stimulate market demand. At the end of April, the government listed 38 manufacturers of building materials as essential enterprises.
