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Belarus to change the order of refunds to the citizens who withdraw share construction

Belarus changes the order of refunds to the citizens who withdraw share construction, stop their membership in developers’ organizations, dissolute purchase contracts of residential premises built under the government order. A new order is introduced by Council of Ministers’ resolution №606 from July 17. Today the resolution was published at the National legal Internet-portal. The document brings changes to government’s resolution №6 from January 8 2014.

Alexander Gorval, head of the housing policy office of the Architecture and Construction Ministry of Belarus, says that the main purpose of the resolution is   to balance assessment of citizens’ payments during the housing construction and the sums that they are refunded after withdrawal from the project. To hit the target there is a new indexation coefficient of the refunded money – the refinancing rate of the National Bank of Belarus.

“Earlier there was a peg to the construction and assembly operations index. Since last year the index has been calculated by a different method, very often being below a unit. If a person paid Br100 m, after his withdrawal from the project the sum was multiplied by 0,9 and he was refunded Br90 m. And there is inflation,” - Alexander Gorval comments.

For citizens to have no losses there is recalculation of the refinancing rate by a special formula that operates from the moment a person invests his money into the project. Alexander Gorval continues: “If a person pays Br100 m and in a year decides to leave the project he will be refunded the sum multiplied by the refinancing rate plus a definite coefficient. In result, the expenses will be compensated”.

Under the resolution, to count the refunded sum the payments are divided according to the financing resources under the established order. Recalculation of the invested sum is done according to each financing resource independently and with taking into account the date of receipt of funds to the special developer’s account.

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