Addressing construction disputes: President announces implementation of escrow system to secure housing transactions

A meeting dedicated to the development of the construction industry and building materials production was held under the leadership of President Shavkat Mirziyoyev.

During the meeting, it was noted that disputes between builders who promised to construct homes and the public who invested money were on the rise. Many people are becoming both homeless and without funds due to being deceived by dishonest builders.

It was mentioned that a working group led by the Minister of Construction has studied foreign experiences and will now implement a guaranteed escrow system for purchasing housing.

In this system, builders will enter into contracts with banks for the sale of homes, and individuals looking to purchase these homes will deposit their money directly into the bank rather than giving it to the builder.

The banks will then provide the collected funds to the builder as resources. This way, the banks will act as a bridge between the builder and the buyer, guaranteeing that the homes are constructed on time and to a high standard before being handed over to their owners.

The new system is set to be tested in the New Hayat and Sergeli districts of Samarkand city for one year.