Necessary Information to Implement Shared-Equity Construction in Turkmenistan

BUSINESS TURKMENISTAN
Necessary Information to Implement Shared-Equity Construction in Turkmenistan
The information about the developer should indicate the full name and location of the developer, its founders.

In accordance with Turkmenistan’s Law on Shared-Equity Construction of Residential Buildings and Other Real Estate Objects, the information about the developer should indicate:

  • full name and location of the developer, its founders;
  • date of issue and number of the developer's state registration certificate;
  • the developer’s license to carry out construction and installation work with an indication of the serial number, date of issue and the period for which the license was issued;
  • information on the attraction of credit (borrowed) funds by the developer for the construction of a residential building and (or) other real estate object;

In the event that the construction of a residential building and (or) other real estate object is not carried out by the developer on his own, the corresponding license and information on the attraction of credit (borrowed) funds by the developer shall be submitted in relation to the contractor organization carrying out the construction of a residential building and (or) other property.

What should be indicated in the information on the project for the construction of a shared-equity object in Turkmenistan?

The information on the construction project should include:

  • the purpose of the construction project and the period of its implementation;
  • the date and number of the decision of local executive authorities to provide the developer with a land plot for the construction of a residential building and (or) other real estate in accordance with the legislation of Turkmenistan;
  • location of a residential building under construction and (or) other real estate object;
  • the composition of the common property of equity holders in a residential building and (or) other real estate object;
  • the cost of building a residential building and (or) other real estate object;
  • a list of involved organizations carrying out construction and installation and other works.

Source: Rysgal newspaper, 21.12.2020