Buyers' funds for new housing will be held in escrow accounts until project completion
The relevant bill has been sent to the Senate
During a session, the Liberal Democratic Party of Uzbekistan faction in the Legislative Chamber of the Oliy Majlis approved a bill on protecting citizens' funds in shared construction. The document provides legal and financial guarantees for those investing in housing construction and other real estate projects, and aims to limit the attraction of funds through methods not stipulated by law.
The draft regulates relationships between shared-equity investors and developers, establishes the rights and obligations of participants, the powers of state bodies, and the procedure for their interaction. One of the main mechanisms proposed is the use of escrow accounts: citizens' funds will be held in banks and will not be transferred directly to the construction company. The transfer of funds to the developer is envisaged only after the completion of construction and the commissioning of the facility, subject to compliance with established requirements.
Deputy Nuriddin Sultonov noted the work of the relevant committee in preparing the document for the second reading and called for support of the bill. Following the discussion and responses from representatives of responsible agencies to deputies' questions, the faction approved the draft.
During the session, the faction also supported a draft of amendments to the Urban Development Code. It provides for enhancing the role of cities, developing infrastructure, and comprehensive territorial planning, taking into account quality of life and the ecological environment.
