Criteria for the completion of housing projects under the old rules was Approved
The resolution issued on 22nd of April , 2019 No. 480. The criteria determining the degree of readiness of an apartment building or other real estate and the number of concluded contracts for participation in shared construction have been approved, provided that the developer is given the right to raise funds from participants of shared construction without using escrow accounts under contracts for participation in shared construction submitted for state registration after 1st of July, 2019. The purpose of the decision is to ensure the completion of residential buildings in cases where it is possible to complete the shared construction according to the old rules, i.e., without the use of escrow accounts. The criterion of the degree of readiness of the construction project is set at a minimum of 30% with the exception of a number of cases. If the construction project is implemented within the framework of agreements on the development of a built-up area, integrated development of the territory, other agreements that provide for the developer’s obligations to build and transfer social and engineering infrastructure objects to state or municipal property and (or) demolish old and damaged housing, the degree of readiness of the construction project should be at least 15%.
If the construction project is implemented by the developer included in the list of backbone organizations, provided that the total area of apartment buildings being built by him is at least 4 million square meters and construction objects are in the territories of at least four subjects of the Federation, or by the developer who has entered into an agreement to complete the construction of the problem object and fulfill obligations to the affected citizens, the project’s readiness should be at least 6%. The criterion for the number of concluded share participation agreements is set at an amount that confirms the transfer of at least 10% of the total area of residential and non-residential premises in an apartment building to participants in shared construction under such agreements.
The supreme bodies of executive power of the subjects of the Federation are granted the right to clarify the values of the criteria, as well as cases of their application on the basis of an agreement concluded by them with the federal executive body authorized by the Government of Russia. The agreement may be concluded in the presence of a law or other regulatory legal act establishing the obligation of the subject of the Federation to finance the completion of construction. The purpose of the decision is to ensure the completion of residential buildings in cases where it is possible to complete the shared construction according to the old rules, i.e. without the use of escrow accounts.