Flats for Co-Investors of Long-Delayed Construction Projects

Krasnodar, 2 October. By the end of this year, 1,000 deceived co-owners of long-delayed high-rise construction projects will receive the keys from their flats in Sochi, Mayor Aleksei Kopaigorodsky announced. Till the end of this year, six such projects are to be completed in the city. According to the City Hall, the work aimed at restoration of the deceived co-investors’ rights is being performed by the city authorities together with the local Prosecutor’s Office. 

Choosing the investor is one of the ways to settle the co-investors’ problems. The city authorities have reportedly concluded 13 investment contracts to complete the respective projects. As soon as these high-rises are built, over 5,000 co-investors will get the keys from their flats. As regards the projects that proved economically not profitable to investors, the municipality is asking the regional Shared Equity Construction Co-Investors’ Rights Support Fund. It is planned that the demands of over 250 co-investors of the block at Ostrovsky Street will be satisfied in 2021.

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