Russian lawmakers adopt fines of up to $8,000 for unfair property developers
MOSCOW, October 22 (RAPSI) – The State Duma adopted a bill on fines of up to 500,000 rubles ($8,000) for unfair real estate developers in a final third reading on Tuesday, according to a statement published on the website of the parliament’s lower house.
According to the draft law, failure to provide required documents or necessary information to authorities in charge of the local state control of apartment block construction, submitting of these documents or information not in full or presenting false information would result in fines ranging from 10,000 to 25,000 rubles ($160 - 400) for officials, and from 250,000 to 500,000 rubles ($4,000 – 8,000) for legal entities.
Previous penalties have not been reconsidered since 2010. They also could not prevent violations in shared construction in full, the statement reads.