Yekaterinburg Consumer Rights Committee keeps getting complaints regarding Noviy Grad, the local developer.

‘In fact, we get claims related to nearly all the local builders, including Noviy Grad, a number of companies whose names include the word Mayak, and many others,’ says the Committee’s Chairman Andrei Artemiev.

Andrei Artemiev reports there is a whole range of financial pyramids on the city’s housing market into the bargain.

‘Such builders put up dwellings for one group of customers using the money invested by some other customers; as a result, the number of the so-called deceived investors keeps going up. This is the way some financial organizations, for example, the lending cooperatives, work,’ he notes.

Noviy Grad has been put on the unscrupulous builders list by Yekaterinburg’s municipal council. Legal experts report one of the developer’s buildings was not commissioned in time; apart from that, Noviy Grad is believed to violate a number of governmental standards and construction norms and regulations.