Republic

Belarus President wants participatory construction decree reworked by February 1

A draft presidential decree “Certain aspects of participatory construction” should be reworked and submitted to the head of state by February 1, 2008. Alexander Lukashenko gave the corresponding instruction after a government session on January 21. The session tabled the situation on the Belarusian housing construction market, the press service of the President of Belarus told BelTA. Among the planned novelties profits of the real estate developer cannot exceed 5% of the estimated cost of homes built using participatory construction schemes for citizens on the housing register. The norm is not applicable to citizens not on the housing register. Prices can be corrected during construction only if statistical indexes are changed by the government following rising costs of construction services or following changes in indirect taxation laws. The possibility of increasing new housing prices in view of changing technical regulatory acts was considered as an option.