News

The system of escrow accounts in Uzbekistan will work on July 1-the head of the Ministry of Construction

Russian house.rf was attracted to the creation of a digital platform and its pilot launch.

The system of escrow accounts in the housing construction of Uzbekistan will begin work on July 1. This was reported by the "Gazeta.uz" with reference to the Minister of Construction and Housing and Communal Services of Sherzod Hidoyatov.

On the fields of the Uzbek-Slovak business forum on June 9, the minister spoke about his intention to launch a digital platform within the time periods established earlier. System software has already been developed and is now undergoing testing, he added.

“The goal of [project] is to ensure the protection of the population, timely and high -quality housing construction, its legality. The whole system will be fully controlled through a digital platform, ”said Hidoyatov.

The Russian state -owned company Dom.RF was involved in the project, with the participation of which a pilot project was held in the Sergeli district of Tashkent. Its former employees are part of the working group of the Ministry of Economics and Finance. According to the head of the Ministry of Construction, experts from other "leading countries" are also involved in the process.

Hidoyatov emphasized the need for a new system as a measure of protection of equity holders from fraudulent schemes. He noted an increase in the number of cases when citizens “due to gullibility” bought a designed housing, the construction of which developers did not actually started.

“Some developers take land, prepare a project, begin to sell apartments, receive part of the profit, and then spend the money received from the population for other purposes. And after the inhabitants stop buying housing, they cannot complete the house. Therefore, we advocate as a faster implementation of the escrow system as possible, ”Gazeta.uz quotes his words.

Shavkat Mirziyoyev for the first time voiced the proposal to introduce a system of escrow accounts in the field of development in September 2024 to protect equity holders. The President instructed to test the new system in Samarkand and two regions of Tashkent during the year.

In December, the president approved the proposals of officials to implement the escrow. For each construction site in the bank, a separate account will be opened on which the funds of housing buyers will be collected. Banks will be able to allocate loans at a reduced rate at the expense of this money to the developer, and after delivery of the facility, transfer them.

Experts surveyed by SPOT noted a number of potential difficulties in the implementation of escrow accounts. Among them - the lack of a legislative framework, an increase in expenses for developers and the cost of a square meter. At the same time, this step will increase the safety and transparency of transactions, as well as the responsibility of developers.

Earlier, Spot wrote that Mirziyoyev instructed to strengthen attention to the quality of new buildings in Uzbekistan.

Source