Agreement “Fundamental principles of integrity in the housing market during the period of economic instability” was signed between LSR. Real Estate – North-West represented by the Managing Director Dmitry Khodkevitch and the Government of St. Petersburg represented by the Vice-Governor of St. Petersburg Marat Hovhannisyan at the XXI International building exhibition InterStroyExpo.
The decision to creat such agreement was made in early 2015 at a meeting between developers, chaired by Marat Hovhannisyan. The main purpose of the document is to define and implement credibility criteria of construction companies, to inform customers how to choose objects under construction and to reduce a fraud risk. This instrument and its implementation mechanisms were developed by Non-commercial Partnership Saint-Petersburg Constructors Association and the Union of Construction Associations and Organisations.
Signing this agreement, LSR Group confirmed its intention to consciously work in the housing market in spite of difficult economic conditions.
The agreement contains basic credibility criteria of developers including the compliance of operations with the requirements of the Federal Law No. 214-FZ, the execution of the obligations to handover the premises to co-investors, the information transparency of company’s activities, the quality of construction, etc.
“LSR Group met all criteria listed in the agreement long ago,” said Alexandr Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group. “But we are certainly concerned about other companies in the market that can violate strict legislation requirements and discredit well-doing real estate developers. I am confident that the agreement will be an effective public service tool which will increase control over expenditure of co-investors’ funds.”
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