The Ministry of Construction of Tatarstan called on developers not to postpone the transition to escrow accounts
From July 1, 2019, developers will lose the opportunity to raise funds from real estate investors directly. Banks should strengthen the work with developers on the transition to escrow accounts. This was announced by the head of the building complex development department Dinar Sagdatullin at a seminar-meeting with representatives of Kazan developers, banks and authorized control (supervision) bodies in the field of shared construction. “Financial and credit organizations need to strengthen work with developers on switching to escrow accounts. Bank specialists must cope with the influx of construction organizations, bring their consistent actions to automatism,” - said Dinar Sagdatullin. He also noted that the ministry is in constant dialogue with all professional participants in the share building market. It is ready to promptly respond to the challenges that developers and representatives of the banking community indicate, to take them into account in their work.