The regional Ministry of Construction strengthens interaction with developers for the transition to the use of escrow accounts. Inspectors of Gosstroynadzor (State Construction Supervision and Inspection Service) carry out inspections of objects at the initial stage of construction with readiness up to 15%, warning developers about the need to comply with the law.

Tripartite cooperation among the Ministry of Construction, developers and banks aims to strengthen the rule of law in the construction industry. It is worth noting that in Dagestan, funds in escrow accounts have increased by almost 7 times compared to the beginning of May last year.

This is a special account at the bank designed for safer transactions between buyers of apartments and housing developers. The total investment in shared construction amounts to about RUB 4 billion and over the year, the number of open accounts has doubled.