"Baiterek" ensures reduction of risks for shareholders

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The Guarantee Fund of Housing Construction was presented at the site of NCE RK "Atameken"

Warranty case under the new mechanism will be a violation of the term of commissioning of apartment houses, misuse of funds, insolvency of the developer by the decision of the court.

According to the press-service of "Baiterek" Holding, the Fund began to receive applications for the guarantees and, in accordance with its statutory objectives, provides a guarantee to real estate investors on completion of the construction of residential building in case of non-fulfillment of obligations by the developer.

"At the initial stage, when considering an application of a developer, a subsidiary of the holding organization, Guarantee Fund of Housing Construction will check the builder if he meets the requirements of the new law. In the case of compliance with all the requirements, the Fund will enter into a contract of guarantee with the developer and the authorized company. Subsequently, the fund will monitor the targeted use of the money ofholders through an independent engineering company, which, in turn, will also monitor the quality of new housing", - said the chairman of the board of JSC "Guarantee Fund of Housing Construction” Dauren Onaev, presenting the organization.

During the discussion, entrepreneurs present at the meeting asked questions about the law, which recently entered into force "On the equity participation in housing construction". The business community does not agree with some of the rules of the new document. The Acting Director of the Department of construction of the National Chamber of Entrepreneurs of Kazakhstan "Atameken" Abilman Dosanov commented on this issue.

"The National Chamber of entrepreneurs actively participated in the development of the law "On the equity participation in housing construction, through its accredited associations and with the participation of representatives of large and medium-sized construction companies. NCE had concrete proposals to the law, but not all of them were accepted. Although the law came into force, the question remains. In this context, "Atameken" will continue to discuss the existing problems for the implementation of this law in practice, with the competent authorities, including the Guarantee Fund, with subsequent amendments to the current legislative acts", - he said.

"Guarantee Fund of housing construction" is a subsidiary of JSC "NMH" Baiterek", it was created on the basis of JSC "Kazakhstan Mortgage Guarantee Fund".