Forbes: KORTROS Group Among Russia’s Most Reliable Developers

30 October 2019 (09:17)

UrBC, Moscow, October 30, 2019. Kortros Group came 13th in the Forbes magazine’s rating of Russia’s most reliable developers.
The company’s sales revenues amounted to RUB 53.3bn in 2016-2018, with 684,400 m2 of new housing getting commissioned over the same period.

‘The company was set up by Viktor Vekselberg’s Renova Holding in 2005 and was known as Renova StroyGroup through 2013. Within the last fourteen years, the developer has commissioned over 2.5m m2 of new housing in eight different Russian federal constituencies. The company runs some 20+ projects, including Yekaterinburg’s District Akademicheskiy, which is one of Europe’s largest housing development projects,’ Forbes says.

Kortros Group is active in Yekaterinburg with its District Akademicheskiy Project. The specially selected contractor/developer RSG-Akademicheskoye is in charge of this comprehensive urban development program.

Under the terms of the program, 9m m2 of new housing and more than 4m m2 of commercial and industrial estate will have been commissioned in the area by 2026. Yekaterinburg’s most advanced and promising district will become a home to 325,000 people.

Kortros Group is also the developer that put up Europe’s largest hotel Azimut Sochi (3,600 rooms).

The magazine’s rating of the most reliable housing developers is based on the United Developers’ Register’s list of the 100 leading developers with the largest amount of housing commissioned in 2016-2018. analysts used the data from the Federal Agency for State Registration, Cadastre, and Cartography (Rosreestr) and from the developers’ price lists to come up with the ranking of Russia’s top thirty developers in terms of revenue. The final ranking featured twenty companies whose estate-selling revenues exceeded RUB 50bn in 2016-2018.

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