Krasnodar, 30 July – Yug Times. Since 1 July, the process of co-financing of residential construction projects has changed: a bank has appeared as an intermediate between the constructor and the flat buyer. The bank has to keep the buyers’ money at escrow accounts until the construction has completed. Only then the bank will transfer this money to the constructor. The authorities believe that such changes in legal practice should make co-financed construction activity more transparent and safer.
Altogether, there are 37 banks in the region that have been authorised to issue loans to construction companies. As on now, the constructors have concluded 28 contracts on escrow accounts with the banks.
The players in the construction market stressed that the rise in the price of a square metre in case of escrow accounts will be a natural and logical consequence of the reliability and transparency of the co-financing contract and of observance of the construction deadline.
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