Putin signed the law on limiting the penalty in case of violation of the deadlines for the transfer of apartments

Russian President Vladimir Putin signed a law limiting the maximum penalty for failure to transfer apartments to equity holders at the level of 5%, if the delay does not exceed 30 months. The document was published on the official Internet portal legal information.

According to the current legislation, the developer is obliged to pay a penalty in the amount of 1/300 of the Central Bank refinancing rate of the contract price for each day of delay. The limitation on the amount of the penalty has not previously been established.

At the same time, an apartment building must meet at least one criterion for a unique capital construction project. Among them: the height of the object is more than 100 m, the spans are more than 100 m, the presence of a cantilever more than 20 m long, the deepening of the underground part below the planned ground level by more than 15 m.

The State Duma Committee on Construction explained that the law is aimed at reducing the risks of long-term construction. The document will motivate developers to finish building the facility, and the limitation of the penalty is introduced in order to preserve the economics of the project.