Authorities in Kyrgyzstan have reportedly implemented strict regulations on construction companies in an effort to curb market malpractices and protect buyer finances. According to an order signed by the Minister of Construction, Architecture, Housing, and Communal Services, Nurdan Oruntaev, developers are now strictly prohibited from selling apartments, raising client funds, or advertising residential complexes until the foundation and all underground construction works are fully completed.

The restrictions remain in effect throughout the duration of the so-called 'zero cycle' phase of construction. Until this stage is finalized, developers are allegedly barred from entering into shared-equity construction agreements, preliminary contracts, or any other transactions aimed at securing financial resources from individuals and legal entities. The State Architectural and Construction Control Department has been tasked with monitoring compliance, tracking down illegal advertising, and preventing premature sales. *

Representatives of the construction ministry supposedly claim that these measures are designed to safeguard buyers' money and mitigate financial risks associated with investing in unfinished properties. This regulatory move follows a series of public scandals involving delayed housing deliveries, failure to refund buyers, and criminal investigations targeting construction executives. Meanwhile, the National Urbanization Committee has urged an accelerated implementation of escrow accounts to better secure citizen investments.

Source: podrobno.uz