The Ministry of Construction has worked out various scenarios for the development of the construction industry

The Ministry of Construction is analyzing various scenarios for the development of the industry and working out actual support measures, including those focused on the possibility of developers to focus their resources on the completion of already started projects, as well as the launch of new ones. This was reported to "Izvestia" in the press service of the Ministry in response to a query about possible bankruptcies of developers due to the growth of the key rate.

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"At the same time, the mechanism of placement of funds of participants of share construction on escrow accounts, launched in 2019, allows to secure the funds invested by citizens in the real estate under construction, since the bankruptcy of the developer is the basis for the termination of the contract of participation in share construction and the return of funds," - explained in the press service of the Ministry.

At the same time, the Ministry noted that a set of measures to support the construction industry, implemented since 2020, has had a significant impact on reducing the number of bankruptcies of developers, increasing demand in the primary housing market, the recovery of investment activity and the launch of new projects in housing construction.

Read more in Izvestia's exclusive piece:

Meter of problems: decrease in the number of transactions may lead to bankruptcies of developers