The Ministry of Construction of Russia has named the criteria for the completion of construction according to the old rules
Objects whose construction readiness is at least 30% will be completed according to the old rules. This was announced to journalists by the Minister of Construction and Housing of the Russian Federation Vladimir Yakushev on February 14 at RIF-2019. The Minister recalled that from July 1, 2019, all Russian developers, attracting citizens to the construction, will be required to switch to a shared construction scheme using the escrow account mechanism. The head of the department noted that also was considered the proposal according to which a number of subjects, by agreement with the Government of the Russian Federation, would be given the right to independently determine the threshold of readiness and the number of equity participation agreements. At the same time, if the region took upon itself the right to make such a decision, then in case the developers fail to cope, the region will be obliged to complete a construction at the expense of his budget. “We are inclined to think that the readiness of objects should be about 30%, because with such readiness and such investments there is a high proportion of the likelihood that the object will be completed,” - the minister said. According to Vladimir Yakushev, the main criterion is construction readiness. There is a discussion on the volume of contracts of participation, which must meet the criteria. Final decisions will be made soon.