OREANDA-NEWS  On July 1, new rules for share construction came into force in Russia, which imply the introduction of an escrow account mechanism.

About it on Monday, July 1, writes "RIA Novosti".

The scheme assumes that shareholders' funds will be credited to a special escrow account, to which developers will not be able to access until they give the apartment to buyers. Construction will be made on bank loans.

However, for a number of objects will make an exception. For example, developers will be able to work according to the old scheme, if the object is ready for at least 30% and at least 10% of the space has been sold under an equity agreement. In addition, a readiness threshold of 15% is set for the development of a built-up area or as part of a program of demolition of dilapidated and emergency housing.

The document also provides for the possibility of using maternity capital when purchasing housing through escrow accounts.