With the early completion of housing construction, the developer will be able to transfer the apartment to the shareholders faster

The State Duma in the first reading adopted a bill amending two articles of Federal Law No. 214-FZ. They are designed to create legal instruments that allow the developer to quickly transfer the apartment to the shareholders in the ownership of the early completion of the construction of an apartment building.

According to the authors of the bill, the innovations should reduce the financial burden on citizens who do not have their own housing, and they are forced to rent an apartment while waiting for the completion of construction. In addition, this will reduce the current costs of the developer and may lead to curbing the growth of the price per square meter.

The bill also provides for the determination of the maximum possible penalties for developers in case of violation of the terms of construction of objects related to the unique. This norm sets the maximum amount of the penalty at the level of 5% of the price of the equity participation agreement if the deadlines for the execution of works have suffered due to sanctions pressure - if foreign suppliers refuse to fulfill obligations under previously concluded contracts.