Shrinking the List of Long-Delayed Construction Projects

Krasnodar, 12 November. Initially, it was planned to reduce the list of long-delayed high-rise construction projects by 83 blocks, or 13,000 flats of the total area of 1.1 million sq m – mostly at the expense of high-rises in Krasnodar (33 houses) and Sochi (22 houses). The number of cheated co-investors should have shrunk by 30,000. 

Commenting on the problem, Yevgenia Shumeiko, a regional MP and Director of the regional Shared Construction Co-Investors Rights Protection Fund, announced that at present the list of problematic construction sites includes 227 high-rises, however thankful to the big work of the regional authorities aimed at resolving the problems of cheated co-investors, the decision has already been found for all these facilities: 60 projects will be resumed by the existing constructors with the help of the local authorities, 94 houses will be completed by new investors, and 73 projects proven unattractive for developers will either be fulfilled by the Fund or their co-investors will receive compensations. Ms. Shumeiko noted that Krasnodar tops the list of the municipalities with the biggest number of uncompleted construction projects, but also it stands far ahead of the others as regards the number of completed projects. 

Say, at the beginning of this year the 343-flat Versailles Residential Complex was put into operation at Chernigovskaya Street, Krasnodar. As a result, about a thousand co-investors got an opportunity to hold a housewarming party. Also in January, the Altaisky Residential Complex was completed – it consists of five high-rises and 132 flats altogether.

 As for the Fund, it was able to protect and stand for the rights of only those flat owners whose houses had been built under co-investment agreements, while those who had bought their flats via a housing society could not have expected to get the support of the authorities or investors. However, a new law adopted in July provided that co-owners of housing societies who suffered from bad constructors would be qualified to compensations under the same formulation as deceived co-investors. 

So far, the Supervisory Council of the federal Shared Construction Co-Investors Rights Protection Fund took decisions on 44 problematic blocks of flats located iin Krasnodar krai, of which 23 are being completed by the regional Fund which was acknowledged as one of the most efficiently working funds of the type in Russia. 

The total residential area of all would-be-completed projects exceeds 186,000 sq m. The plan for 2022 is to put into operation flats in the following residential complexes: Ivan da Maria, the second stage of Parusnaya Regata, and two houses of Zhemchuzhina. 

Besides, the Supervisory Council decided to reimburse the expenses of the co-owners of 21 blocks. By now, 1,231 co-owners have already received their money – over 3.2 billion roubles in total. 

Since the beginning of this year, over 5,000 co-owners have received the keys from their flats located in such long-delayed construction projects as Residence, Svoboda, Aviator, and others. Last summer, this work activated a lot: 12 houses have been put into operation since June. The investors plan to complete the construction of two 26-storeyed residential high-rises of the Armada Residential Complex, landscape the area around them and build there a parking lot. 

The regional budget will reportedly assign 1.7 billion roubles during the following three years as the contribution to the Co-Investors Rights Protection Fund. 

Alongside the repayments and finishing the delayed construction projects, the regional authorities are trying to disclose and punish the unfair builders.

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