Urban Group was a financial pyramid

Rosreestr has blocked the registration of new equity participation agreements by the company. Given the disruption in the construction of housing by the company Alexander Dolgin, it turned the largest developer in the Moscow region into a financial pyramid. While in the risk group more than 15 thousand equity holders.
The difficult situation with Urban Group of Alexander Dolgin - one of the largest developers of the Moscow region - may be a problem for the authorities. Officials have already begun consultations on protecting the rights of those who bought apartments in the residential complexes being built by the developer. Later, a report on the situation in the company will be presented to Deputy Prime Minister Vitaly Mutko. Meanwhile, the registration of new contracts of equity participation (DDU) for projects Urban is blocked.

Buyers of apartments in the Urban Group objects are waiting for the registration of the DDU for more than a month, learned from Kommersant's forums of interest-holders. The press service of the Urban Group confirmed that on April 20 Rosreestr suspended registration of the DDU from the "daughters" of the developer - Ivastroy, Highgate and Your City. These structures are responsible for the implementation of such projects as "City-event" Laikovo ""; "Opalikha O3" and "Lesarevizhny"; "Prominent city", respectively.

"The registration authority refers to the lack of information on the payment of contributions from the compensation fund (the Fund for the Protection of Equity holders - an analogue of the Deposit Insurance Agency in the housing construction market." "Kommersant"), "the Urban Group told Kommersant. They added that the company had repeatedly appealed to the fund with a request to understand the situation, but received no response. Since January 1, 2018, Urban has transferred to the fund 27.5 million rubles., Now on the personal account in the personal cabinet of the developer - 19.8 million rubles. "The problem related to the failure in the interaction of the fund and Rosreestr, impedes the normal activities of the Urban Group in terms of financing the construction," the company added. As of May 18, due to this problem, the company may lose 815.5 million rubles: if the DDU is not registered, the interest holders will not pay the planned purchase of housing.

Since October 21, 2017, developers have deducted 1.2% of the value of the DDU in the fund, where, when the problems arise, companies pay compensations to co-investors or finance the completion of the facilities. The Fund sends information about the payment made to Rosreestr, which registers the contract. In the office of Rosreestra in the Moscow Region, the query "Kommersant" about the reasons for stopping registration DDU Urban Group responded as follows: "Work with the fund is carried out through electronic communication channels, all actions are coordinated, no failures." Investors interviewed by Kommersant, including PIK, FSK Leader, MIz, Granel, and Ingrade, reported that they had no problems registering their DDUs.

The General Director of the Rating Agency of the Construction Complex (RASC) Nikolay Alekseenko says that the Urban Group contributes to the fund contributions for projects, where about 2 thousand apartments. "To date, the developer has already transferred contributions for 343 DDU", he said. Interest holders do not take any chances at blocking registration. "Payment DDU when buying an apartment in a new building occurs after the registration of documents in Rosreestr," - explains the head of the board of directors of the company Best-Novostroy Irina Dobrokhotova.

One of the sources of Kommersant, who is familiar with the situation, says that the authorities of the Moscow region are concerned about Urban Group's disruptions in the delivery of housing. "Now the company has about 15 thousand equity holders. If the registration of new DDUs is not stopped, the company will incur unrealizable obligations, "he explained. These days Urban had another major trouble: Sberbank withdrew accreditation for mortgage lending projects developer.

From the information released Wednesday night by the Fund for the protection of the rights holders, it follows that they are concerned about the situation in the Urban Group. "In a number of projects, construction is being carried out with a delay from the planned schedule, while in others the planned dates for commissioning of facilities have been officially transferred," the joint report of the fund and the Russian Ministry of Construction says. The fund also noted that consultations are now being held with the Ministry of Construction and the Moscow Region Government on the protection of the rights of citizens who have invested in Urban Group facilities. They also specified that, following the results of the discussion, a report will be drawn up, which is planned to be presented by the deputy chairman of the government who oversees the construction. The Ministry of Construction and the regional administration confirmed this information.