Information on the construction of commercial housing

GU "Department of State Architectural and Construction Control of East Kazakhstan Region" on the issue of commercial housing construction reports the following.

In accordance with Article 23 of the Law of the Republic of Kazakhstan "On Equity Participation in Housing Construction" (hereinafter – the Law)"The developer and (or) an authorized company has the right to advertise a multi-apartment residential building construction project, indicating that equity participation agreements in housing construction will be concluded only after the conclusion of a guarantee agreement with the Guarantee Fund or the issuance of a permit to attract money from shareholders by a local executive body. The advertisement must contain information about the developer and the authorized company." GU "Department of State Architectural and Construction Control of East Kazakhstan Region" warns developers who are building on the territory of East Kazakhstan Region about administrative responsibility for violating the requirements of the legislative act of the Republic of Kazakhstan on equity participation in housing construction, including the content of information to be disclosed, as well as the procedure its distribution, or the distribution by the developer, authorized by the company is inaccurate, incomplete or unreliable information in the form of a fine in the amount of three hundred monthly calculation indices provided for in Part 1 of Article 320 of the Code of the Republic of Kazakhstan "On Administrative Offenses.

During the period of transfer of functions to bring to administrative responsibility for violation of the requirements of the Law, 4 developers were brought to administrative responsibility.

In order to prevent a situation with defrauded shareholders, the Management reminds of the need to check whether the developer has a permit to attract money from shareholders or a signed contract to provide a guarantee of the Guarantee Fund.