Tashkent, Uzbekistan (UzDaily.uz) — The faction of the Liberal Democratic Party of Uzbekistan (O‘zLiDeP) in the Legislative Chamber of the Oliy Majlis has approved a bill introducing new mechanisms to protect citizens' funds invested in shared-equity construction, the faction said.
The bill aims to establish legal and financial safeguards for citizens investing in the construction of housing and other real estate, as well as prevent the raising of funds through methods not provided for by law.
The draft legislation regulates relations between participants in the shared-equity construction of apartment buildings and other real estate projects. It defines the rights and obligations of participants, the powers of government bodies and procedures for their cooperation.
One of the key mechanisms for protecting citizens' funds will be the use of escrow accounts. Buyers' contributions will be held in banks rather than transferred directly to developers. Funds will be released to construction companies after the project has been completed in accordance with established requirements and the property has been commissioned.
During the discussion, MPs Shukhrat Sharafutdinov, Yekaterina Smesova, Dilmurod Artikov and Khusan Yarkulov raised questions about specific provisions of the bill. Representatives of the responsible government agencies provided explanations.
MP Nurriddin Sultonov commended the relevant committee's work in preparing the bill for its second reading and called on fellow lawmakers to support it. Following the discussion and responses to questions, the faction approved the bill.
The meeting also considered a draft law amending the Urban Planning Code of Uzbekistan to improve the urbanisation sector.
The document provides for a greater role for cities in social and economic development, improvements in living standards, the environment and urban infrastructure. It proposes establishing balanced urban planning based on the integrated development of territories as one of the key principles of urban planning.
MP Odiljon Mamadaliyev said the bill aims to improve the effectiveness of urbanisation management, ensure balanced territorial development, strengthen inter-agency cooperation and create a comfortable and environmentally sustainable living environment. The faction supported the document.
Following the meeting, the relevant decisions were adopted on the agenda items.
