Belarus limits developers’ profit margin in buyer-funded construction to 5% – decree
<p> MINSK, Jul 7 - PrimePress. The profit margin of developers running buyer-funded housing construction projects will be limited to 5% of estimated costs in current prices from January 2021 unless otherwise is stipulated by the president, as per presidential decree No.247 of July 2, 2020 posted on the National Legal Internet Portal on July 7. </p> <p> </p> <p> In accordance with the decree, developers (customers) are to conduct audits of compliance with the profit margin at their own expense within three months upon commissioning. Copies of audit report will be submitted to local executive and administrative authorities that issued construction permits. </p> <p> </p> <p> In the event that an excess of 5% of profit is detected during the audit, overpaid funds will be returned to the buyer within a month after the submission of the audit report. </p> <p> </p> <p> The pre-emptive right to build multi-apartment residential buildings will be given to construction organizations that possess their own technical base and specialists, as well as communal unitary enterprises engaged in capital construction. </p> <p> </p> <p> The decree does not apply to the buildings constructed with permits or under investment and design and construction contracts that came into force prior to this decree. </p> <p> </p> <p> The decree takes effect six months after its official publication. End </p>
2020-07-07
Primepress
Belarus limits developers’ profit margin in buyer-funded construction to 5% – decree
MINSK, Jul 7 - PrimePress. The profit margin of developers running buyer-funded housing construction projects will be limited to 5% of estimated costs in current prices from January 2021 unless otherwise is stipulated by the president, as per presidential decree No.247 of July 2, 2020 posted on the National Legal Internet Portal on July 7.
In accordance with the decree, developers (customers) are to conduct audits of compliance with the profit margin at their own expense within three months upon commissioning. Copies of audit report will be submitted to local executive and administrative authorities that issued construction permits.
In the event that an excess of 5% of profit is detected during the audit, overpaid funds will be returned to the buyer within a month after the submission of the audit report.
The pre-emptive right to build multi-apartment residential buildings will be given to construction organizations that possess their own technical base and specialists, as well as communal unitary enterprises engaged in capital construction.
The decree does not apply to the buildings constructed with permits or under investment and design and construction contracts that came into force prior to this decree.
The decree takes effect six months after its official publication. End