Noviy Grad to stop operating in Sverdlovsk Region

28 April 2007 (12:16)

‘Noviy Grad, one of the local builders, will probably not be able to operate on the regional real estate market any longer; this is quite obvious, given the fact that their general contractor (HydroSpetsStroy Ltd.) is now undergoing bankruptcy proceedings with Ms Olga Rushitskaya as their acting trustee in bankruptcy and the company cannot afford to put up any more buildings,’ Director of Dishonest Builders Opposition Fund Konstantin Dushechkin said to UrBC.

‘The question we are most worried about now is what is going to happen to the disadvantaged investors. We hope the authorities withdraw the land allotments meant for future dwellings or half-finished buildings and pass them on to some other developers; both Sverdlovsk Region authorities and the Russian Federation Government are now considering the best legal withdrawal and transfer mechanisms. One all-important proviso is taking into account the interests of both the investors who hope to have a dwelling built for them and the developers who will be finishing the construction,’ Mr. Dushechkin said.

Other materials on the topic::