July 1 will switch to the escrow account for shared housing. According to the Deputy mayor of Moscow on urban policy and construction Marat Khusnullin, about 36% of existing projects in the capital will go to the new system, reports RIA “Novosti”.
Currently, the city has 604 building permits with a total area of 34 million square meters. The old scheme will apply approximately 60% of developers.
The new system means the impossibility to involve money of shareholders. People’s money will be on escrow accounts. The developer will have access to the funds only after transfer of the completed facility to the buyer.
We will remind, the President of Russia Vladimir Putin has demanded in the coming years to get rid of the concept of “defrauded real estate investors”.