BRDO expert presented a draft law on protection investors’ rights in construction projects

Purchasing the property in the primary market in the context of a large number of contractual schemes of purchasing was a key topic of the round table organized by the Real Estate and Construction Committee of the Ukrainian Bar Association. The expert of the Construction sector Mariya Hrabovska represented the Better Regulation Delivery Office BRDO at the event.

The leading lawyers of Ukraine, construction business representatives and experts participated in discussing issues of judicial and non-juridical ways to protect the rights of property buyers, the introduction of necessary changes of legal regulation schemes regarding purchasing the real estate in the primary market of Ukraine.

Mariya Hrabovska presented a draft law “On amendments to certain legislative acts to protect ownership rights of immovable property to be built in the future” developed by BRDO experts to regulate procedures for registration of ownership rights of such property during the discussion.

According to the authors, amendments proposed in the draft law will help prevent using a wide range of fraud schemes: double sale of apartments, change of technical specifications and others. Some tax issues in this area were discussed separately. In addition, the draft law provides for increasing commitments of developers to provide the information concerning immovable property items by creating a web page.

“Improving the regulatory policy in construction is inextricably linked to attracting the investments. Protection of investor’s rights and their rights to obtain reliable information is a main task that we set ourselves as developers,” Mariya Hrabovska said.

Changes in regulatory policy in construction should become one of the main issues of the legislative work in the near future. Solving the issues that have been accumulated over the years without being resolved will help bring significant finances to the sector. And as a result – to give an impulse to the development of not only the construction sector but also more than 30 other sectors related to it.

The Better Regulation Delivery Office encourages business representatives and the public to get involved in reforming the regulatory legislation and send their proposals to [email protected]. All proposals and comments coming to the Better Regulation Delivery Office’s email will be considered when drafting new laws.