Million-rouble payouts for apartment buyers: one condition
Apartment buyers can receive substantial compensation for delays if they avoid accepting revised completion dates.
Since January 1, important changes have come into effect for equity holders: the moratorium on fines for developers for violating housing delivery deadlines has been lifted. This means apartment buyers are again entitled to claim compensation for delays. And the amounts can be substantial. Maria Ivatkina, an expert at the Nauchno-issledovatelskiy finansovyy institut (NIFI, the Financial Research Institute of the Russian Ministry of Finance’s Myfinances.rf project), told how much can be recovered from the developer.
How is the amount calculated? It all depends on three things:
the cost of the apartment as per the contract;
the number of days the handover was delayed;
the current key rate of the Central Bank.
«Take a hypothetical apartment price of 10,000,000 roubles (approx. $111,100 at current rates), a delay of 6 months — approximately 180 days, and the current key rate of 16%. In this case, the penalty for one day of delay amounts to 10,667 roubles ($119), and over half a year it totals 1,920,000 roubles ($21,300)», — Maria Ivatkina told the Prime news agency.
To get the money, you need to act as follows:
First, write an official letter to the developer — a claim. In it, clearly state the amount you want as compensation for the delay.
If the developer refuses to pay, go to court.
In court, you can demand not only compensation for the delay, but also an additional fine — half of the awarded amount. This is a penalty for the developer for not wanting to resolve the matter amicably.
Please note: under no circumstances should you sign documents indicating that you agree to a new completion date for the building. If you do, you will lose your right to receive compensation.
