Delayed houses, unfulfilled contracts, and money not being returned to buyers have once again brought problems in the real estate market to the agenda. The National Committee for Urbanization and Sustainable Development of the Housing Market emphasizes the need to accelerate the introduction of the escrow accounts system to prevent such situations.
In recent days, the activities of certain construction companies, the violation of deadlines for handing over housing, the non-return of buyers' funds, and the initiation of criminal cases against the heads of some construction companies have caused public discussion.
Expressing its position on these situations, the National Committee stated that it is unacceptable to leave citizens who invested money to purchase housing without either the promised apartments or the opportunity to get their money back.
According to the committee, in order to prevent such problems, it is planned to introduce the escrow accounts system through the draft law "On the construction of apartment buildings and other real estate objects on the basis of shared participation," which is currently being reviewed in the Legislative Chamber of the Oliy Majlis.
According to this mechanism, the funds paid by buyers are kept in special bank accounts. The construction company will be able to receive this money only after the conditions specified in the law are met.
This is intended to reduce the risk of misuse of buyers' funds and potential fraud.
The escrow system can also serve to ensure the continuity of the construction process. In particular, if serious problems arise during the implementation of the project, it is envisaged to have the opportunity to complete the object by quickly involving another construction company.
According to the National Committee, reliable protection of buyers' funds, fulfillment of contractual obligations by construction companies, and the formation of a transparent competitive environment in the market should be the main conditions of housing construction.
The committee assesses the introduction of the escrow system as a necessary step to prevent crisis situations in the housing construction market and to restore citizens' trust.
However, the effectiveness of the escrow system will also depend on how it is defined in legislation, the conditions for blocking funds and transferring them to construction companies, as well as how buyers' rights are guaranteed if the project runs into problems.
