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The schemes of construction by shares may be banned

The schemes of construction by shares may be banned Pavel Zhelnovod, Advocate of the Law Firm "YUST", expressed to the Regnum information agency his supposition that the appearance of such ideas in the Russian Government shows that the norms of the Law No. 214-FZ do not function in certain practical cases: “In such cases, as a rule, the shareholders go to courts and win the recognition of the title to the incomplete construction object and continue to wait for the putting of the building into use. This can take years. Therefore, it would be wiser to concentrate on the state control over the performance by the construction companies of the Law No. 214-FZ, to improve the control over the flow of the shareholders’ funds. Meanwhile, a radical reform of the Law No. 214-FZ and complete elimination of the construction by shares as an institution may cause adverse consequences in the form of more expensive residences as well as complete paralysis of the entire market of residential construction".

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