KBR's Parliament adopts law on protecting housing shareholders

At it's plenary session today, the Parliament of the Kabardino-Balkarian Republic (KBR) has adopted the Law "On Protection of Rights and Interests of Citizens-Housing Shareholders".

"The document defines the legal framework intended to protect the rights and interests of participants of shared construction, the competence of the executive body, which is in charge of supervising this construction sphere in the territory of the KBR," said Valery Grinevich, Chairman of the Parliamentary Committee on Construction, Housing Utilities and Fuel and Energy.

According to his story, the supervision will also cover the targeted use of shareholders' money by the developers, the "Interfax" reports.

It should be noted here that Kabardino-Balkaria is not among the regions facing the problem of deceived shareholders. Thus, in March this year, Konstantin Korolevskiy, Deputy Minister of Regional Development, said in his interview to the "Rossiiskaya Gazeta" that Russia has 80,319 deceived housing shareholders and 897 questionable sites. Only 16 Russian federal subjects out of 83 had no problems with shared housing construction. Kabardino-Balkaria and several regions of Southern Russia - Ingushetia, Karachay-Cherkessia, and Chechnya - were mentioned among these 16.

However, the "Caucasian Knot" has reported that the KBR had seen some cases, when shareholders declared violations of their rights. Thus, in July 2009, the shareholders of the 60-flat block at No. 222 in Profsoyuznaya Street in Nalchik, in construction since 2004, complained of a threefold increase in rates per square meter.