Real estate investors hold protest rally in Rostov-on-Don. Photo: Grigory Bakunin (RFE/RL)

07 June 2018, 16:20

Putin promises to solve problems of real estate investors against protests in Southern Russia

Today, Russian President Vladimir Putin has explained the problem of defrauded real estate investors with insufficiently clear regulation in the construction sector.

The "Caucasian Knot" has reported that real estate investors of Southern Russia recorded video appeals to Russian President Vladimir Putin. They requested the Russian President to intervene in the situation with construction of houses and threaten to hold solo pickets during the FIFA World Cup.

Today, during the "Direct Line" with the Russian President, people once again raised the problem of defrauded real estate investors.

Vladimir Putin has noted that in the near future, it is necessary to start following "the civilized ways of construction," that is, without attracting funds of citizens.

"The problem is broader. It relates to insufficiently clear regulation, valid until today, and the volume of construction is very large," the leader of the state emphasized during the "Direct Line".

"However, if we now take drastic steps to reduce the attraction of citizens' funds, then we will get even more complaints from citizens, since it will be impossible to complete the construction that has already been started. Therefore, we have made a decision that starting from July 1, 2019, no new contracts of real estate investment will be concluded and the funds will be invested exclusively through banks," explained Vladimir Putin.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.

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