The State Committee on Securities (SCS) under the Azerbaijan president will hold a meeting on 6 March with construction companies, operating in Azerbaijan and engaged in building of the apartment houses, the SCS chairman Gyunduz Mammadov told Trend. At the forthcoming meeting the State Committee will propose to be actively involved in the securities market to construction companies, problems they face will be discussed.
Due to intensification of the house-building SCS proposes issuing of housing certificate for which circulation the legal and normative base has been elaborated.
В"Apartments buyers and construction companies are currently making a deal based on mutual accord. The payment for housing is performed at the initial stage of the house construction and there are a lot of cases, when it is not finished and sometimes the matter comes to the courtВ", Mammadov noted.
To avoid problems housing certificates are proposed to be issued which may ensure construction of the remaining part of premises. They may be resold, providing transfer of property rights to other owner.
These securities may be also mortgaged while receiving loans in banks. The operations are registered at the State Committee and the Register of housing certificates has been established. While mortgaged the security is frozen and may be taken out for keeping in the depositary. According to Mammadov, they may be issued under other buildings as well (garage and etc).