Alexey Frolov spoke at a meeting on the transition of developers to project financing using escrow accounts

Meeting on the transition of developers, leading the construction of housing in the Republic of Tatarstan on project financing using escrow accounts, was held today by the First Deputy Prime Minister of the Republic of Tatarstan Rustam Nigmatullin. The meeting was held at the Government House of the Republic of Tatarstan, with the connection of all municipal districts of the republic in the form of the video conference. Alexey Frolov, First Deputy Minister of Construction, Architecture, Housing and Communal Services of the Republic of Tatarstan, reported on the situation in the Republic of Tatarstan on the transition of developers on housing projects under implementation to project financing using escrow accounts. “The Ministry, together with the authorized bodies of municipal districts and urban districts of the Republic of Tatarstan for control in the field of shared construction and market participants, has arranged the relevant work. Extended meetings are held weekly with the participation of developers, banks, municipalities and regulatory bodies, consultations with the heads of authorized banks are held, developers are trained and various seminars are held for regulatory bodies, developers and the banking sector.”

Alexey Frolov also said that more than 200 market participants were combined into a single messenger, where was created the opportunity to quickly exchange of regulatory legal acts and expert opinions on emerging issues. Alexey Mikhailovich noted that as for  18th of July 2019, in accordance with Federal Law No. 214-FZ, 85 developers are operating in the republic, which are build 227 apartment buildings with a total area of ​​3 million 509.5 thousand square meters, and under which 18,724 agreements for participation in shared construction were concluded. Alexei Frolov also appealed to the Inspection of State Construction Supervision of the Republic of Tatarstan as part of the work to assist the monitoring bodies in monitoring the progress of construction of facilities with an indication of the dynamics of construction readiness. During the meeting, it was noted that in the Republic, 18 banks can carry out project financing using escrow accounts. 10 banks started working with developers. In 10 authorized banks there are 82 objects under consideration - 109 applications.