What are objects of shared-equity construction?
In accordance with the Law of Turkmenistan On Shared-Equity Construction of Residential Buildings and Other Real Estate Objects, the objects of shared-equity construction are:
- apartments and single-family houses;
- objects of socio-cultural, administrative, household and commercial purposes or their separate part, located in apartment buildings;
- detached objects of socio-cultural, administrative, household, commercial and industrial purposes or their separate parts.
What are the requirements for registering an agreement for participation in shared-equity construction?
When registering contracts for participation in shared-equity construction, the developer must apply to the authorized body with an appropriate application and submit copies of the following documents:
- a document on the provision of a land plot for the construction of a residential building in the manner prescribed by the legislation of Turkmenistan;
- project declaration;
- license for construction and installation works, issued in accordance with the legislation of Turkmenistan. If the construction of a residential building is not carried out by the developer on his own, he is obliged to submit to the authorized body a copy of the contractor’s license to carry out the specified work, with which the developer entered into a contract for the performance of construction and installation work;
- certificates of state registration of the developer;
- certificates from the tax authority on the absence of arrears in taxes, fees and other obligatory payments to the State Budget of Turkmenistan.
If necessary, the authorized body has the right to request the originals of these documents for comparison with the submitted copies.
The authorized body is not entitled to require documents that are not specified in this list.
Registration of contracts for participation in shared-equity construction is carried out in the manner established by the authorized body.
Source: Rysgal newspaper, 07.09.2020
