The deputies are considering how to stimulate demand for new buildings and at the same time increase the popularity of houses built according to the new rules using escrow accounts.
On July 1, 2019, a law on project financing came into force in Russia, according to which
buying an apartment in a house under construction will follow the new rules. From now on, developers are prohibited from attracting money from equity holders for housing construction. When
purchasing an apartment, citizens will make all payments through special escrow accounts in authorized banks. Construction companies will not be able to use this money until the end of the work, they will be credited by banks.
The initiators of changes to the legislation on shared construction propose to allow citizens who
buy apartments in such facilities to deposit the amount into an escrow account in installments. Another option is to allow equity holders to deposit only 30 percent of the cost of the apartment into the escrow account at the initial stage of construction, and the remaining 70 percent after the house is put into operation.
Then, if for
buying an apartment a shareholder needs a mortgage loan, he will not have to pay it before moving into an apartment. This will increase the number of buyers, for example, at the expense of those who currently live in rented housing and pay rent. Another option is to allow equity holders to deposit only 30 percent of the cost of the apartment into the escrow account at the initial stage of construction, and the remaining 70 percent after the house is put into operation.
Then, if for
buying an apartment a shareholder needs a mortgage loan, he will not have to pay it before moving into an apartment. This will increase the number of buyers, for example, at the expense of those who currently live in rented housing and pay rent. Another option is to allow equity holders to deposit only 30 percent of the cost of the apartment into the escrow account at the initial stage of construction, and the remaining 70 percent after the house is put into operation.
Then, if for
buying an apartment a shareholder needs a mortgage loan, he will not have to pay it before moving into an apartment. This will increase the number of buyers, for example, at the expense of those who currently live in rented housing and pay rent.
