In order to reduce the risks of shared participation in construction, deputies propose to introduce compulsory liability insurance of developers to equity holders. We can say that recently the country’s authorities are actively engaged in improving legislation in the field of shared investment in housing construction. More recently, the State Duma has made certain changes to the bankruptcy law. For example, shareholders of individuals are now allocated in a priority queue for calculations regarding other competitive creditors. In addition, from that time, citizens can declare their requirements in the bankruptcy case of the developer without terminating the housing purchase agreement (this was not there before).
The courts also received the right to recognize the requirements of equity holders for construction companies, regardless of the scheme of the implementation of facilities: “curves” agreements (that is, preliminary contracts, bill agreements and others) that pursue the purpose of the acquisition of the apartment, will be qualified exactly as ordinary contracts of sale.
The order of disposal by unfinished buildings has been settled, so the objects of incomplete construction can now be sold from trading in the interests of interest holders or transferred to a specially created cooperative in order to complete the construction work.
Recently it became known that in appendage to these innovations, deputies of the State Duma are going to create a system of insurance of companies obligations that attract citizens’ funds to finance the construction of residential real estate.
Perhaps a series of these and other preventive measures will allow in the near future to restore order in the construction market. Nevertheless, all these initiatives of the authorities so far serve as a weak consolation for already deceived equity holders. Divide losses with them, which often arise due to the disaster of state authorities, the country is not yet in a hurry.
According to Alexander Kogan, Deputy Head of the Budget Committee of the State Duma, about 110 thousand families are currently living in the country, who have invested their savings and loans in the construction of housing, nevertheless, they did not receive apartments.
The scale of problems in the field of construction allows us to judge the existing scope of protests. Last summer, a wave of rallies and demonstrations was noted not only in the regions of the country, but also in the Russian capital and the Moscow Region. In August, in the town of Zheleznodorozhny, 27 people took up an unfinished facility along Central Street, in order to attract the attention of the authorities to disrupting the deadlines for the construction of the house. Soinvestors of the construction of a residential complex in Ramensky picked the city administration. Periodically deceived equity holders are landing from the buildings of the Ministry of Construction, the regional government, and so on. In total, according to reports, as of the beginning of the fall of 2011, about 5.6 thousand official appeals were registered.
