The problem of shareholders will be solved in the first quarter of 2016. It was announced by Vice Minister of National Economy Kairbek Uskenbayev during the presentation of the draft law "On share holding in housing construction" in the new edition of the Majilis.

"During the crisis in 2007, 450 residential complexes were stopped at construction stage. As a result, affected 68,117 shareholders suffered. The Government was forced to intervene and take extraordinary measures to solve the problems of shareholders. As a result of these measures, almost all issues have been resolved. Now, the problems of 16 projects and 2,097 shareholders have remained. We keep the matter under constant control. The construction by nine projects is going on and is to be completed in near future. We plan to complete all the questions by 7 facilities in the first quarter of 2016," K. Uskenbayev said.

Vice Minister also noted that the current law on share holding, adopted in 2010, provides for severe restrictions on attracting money of holders.

The analysis showed that since 2010 only one license for share construction has been received, which was not even used. Since the current law assumes that the developer must build a residential complex completely at his own expense. At this time, the bank accumulates funds of investors, the completion of the money transferred to the developer. That is, the money of holders is not involved in construction.

According to K. Uskenbayev, the developers are not interested in this mechanism, that’s why it did not work. At the same time, many citizens are interested in construction of housing with share holding. In this regard, according to the Vice Minister, there was drafted a new law and related amendments to the legislation, providing two new fund-raising mechanism of holders.

Funds of holders will be obtained after completion of a zero cycle or after construction of a structure. Such innovation is contained in the draft law "On share holding in housing construction" in the new edition released today in the Majilis.

"We have developed two mechanisms to raise funds of shareholders, which we would like to introduce in this bill. The first one is to attract money of shareholders after construction of a zero cycle, and the second one is to attract money of shareholders after construction of a structure," Vice Minister of National Economy K. Uskenbayev said presenting the bill.

He explained that the first mechanism, besides the requirement of a land without encumbrance on the right of ownership or long-term lease, requires completion of a zero cycle without encumbrance. It is understood that developer invests up to 20-25% of the cost of a residential complex. Further, there should be a positive conclusion of the second-tier bank on lending for a developer and the choice of engineering company by the bank. Engineering company, in turn, gives a positive opinion on the conformity of the object to specified requirements.

According to the second mechanism, as K. Uskenbayev said, the requirement of a land without encumbrance on the right of ownership or long-term leasehas also been provided for. In addition, there should be completed complex structure at own expense. In this case, an engineering company is appointed by Engineers Association of Kazakhstan, where the developer sends a letter that he intends to raise money of holders.

There will be heavy fines for violations of the law on share holding in housing construction.

"The administrative responsibility of the developer and the project organization in case of violations has been strengthened. Violation of the legal requirements on share holding in housing subject by developer or project company results in a fine from 200 to 300 MCI with suspension of permission. Further violation during the year entails a deprivation of permission," K. Uskenbayev said.

Vice Minister also said that the bill provides for a fine from 200 to 300 MCI for an engineering company violating the law on share holding in housing construction, at further violation during the year - 400 MCI.

Violation of the legislation by an expert results in a fine of 100 expert MCI, further violation within one year - 200 MCI with expert’s decertification. In this case, the decertification of any engineering company automatically entails suspension of the activities of this company for 6 months.

KAZINFORM

Published: 25 September 2014

Archive

Sep
2014
MoTuWeThFrSaSu
1234567
891011121314
15161718192021
22232425262728
2930

Blogs of government agencies executives

Enter