In recent days, social media platforms have been heavily discussing concerning situations surrounding the operations of certain construction companies in the real estate sector. Buyers are increasingly complaining about severe delays in housing delivery and the inability to obtain refunds. Furthermore, criminal cases have reportedly been initiated against the management of several developers, exposing deep vulnerabilities in the housing market.

The National Committee for the Sustainable Development of Urbanization and the Housing Market has publicly declared it unacceptable that citizens who invest their savings in housing end up empty-handed, deprived of both their promised apartments and their invested funds. Officials emphasize that such occurrences severely damage public trust in the construction industry. *

To prevent such incidents from recurring, the Legislative Chamber of the Oliy Majlis is currently reviewing a draft law titled "On Shared-Equity Construction of Apartment Buildings and Other Real Estate Objects." The proposed legislation introduces a mandatory escrow account system designed to safeguard consumer interests.

Under this proposed mechanism, buyers' funds would be placed in special segregated bank accounts, and developers would only gain access to the money after fulfilling specific, regulated conditions. Proponents claim this will significantly mitigate the risks of fraudulent schemes and the misuse of citizens' hard-earned money.

Experts also point out that the escrow mechanism is intended to guarantee construction continuity. Specifically, if a project faces severe implementation roadblocks or the developer fails to meet obligations, another contractor can be swiftly brought in to ensure the building is completed regardless.

Source: uznews.uz