As previously reported by Spot, the president has signed a decree regarding measures for the further development of housing construction and improving the mechanisms for regulating shared construction of residential and non-residential properties.
The Ministry of Construction and Housing and Communal Services, the Inspection for Construction and Housing Control, the Council of Ministers of Karakalpakstan, and the regional and Tashkent khokimiyats have been tasked with enhancing efforts to identify cases of illegal construction, taking appropriate measures against them, and preventing violations of the rights of participants in shared construction until the escrow system is implemented.
According to the document, from July 1 to December 31, 2025, the attraction of funds from participants for construction will be carried out simultaneously through escrow accounts and the current procedure for shared participation based on a mechanism of direct attraction chosen by the parties.
Starting January 1, 2026, shared construction can only be carried out through escrow accounts.
Property rights and obligations based on the shared participation agreement are included in the participant's inheritance. Funds under the agreement for accounting purposes are placed and deposited by the participant in an escrow account opened at a commercial bank based on an agreement concluded between the developer, the participant, and the bank.
Operations may not be suspended, nor may funds be seized or written off from the escrow account concerning obligations of participants to third parties and obligations of the developer.
If the delivery of a residential property is delayed by six months, the participant may request a refund of funds from the escrow account by unilaterally terminating the agreement with the developer.
Earlier, Spot reported that the Mirabad khokimiyat dismantled illegal constructions near Westminster University.