The law «On the construction of apartment buildings and other real estate objects on the basis of shared participation» was adopted and sent to the Senate. This was announced by Alisher Qodirov, the leader of the «Milliy tiklanish» Democratic Party.
According to him, if a construction company attracts at least one citizen's funds for construction, then it will be mandatory to attract a bank loan of at least 70 percent for the construction project.
If the builder constructs the object at the expense of 100 percent of their own funds, such an obligation does not arise. As noted, the loan amount constituting 70 percent of the project is considered as a bank control mechanism.
Also, in the event that the construction company fails to complete the construction, the bank will have the authority to transfer the project to another builder.
That is, the main purpose of the new procedure is to protect citizens' funds and guarantee through a financial mechanism that the builder will finish the construction.
