In recent years, residential housing construction has been carried out at an accelerated pace in Turkmenistan. The socio and living conditions of citizens are constantly improving. This is largely due to the successful implementation of production plans by designers and builders. However, the high pace of urban development is initially facilitated by the timely adoption of legislative acts that meet societal demands.
One such regulatory act is the law "On Shared Construction of Residential Houses and Other Real Estate Objects," adopted in 2012. This document establishes legal, economic, and organizational foundations for shared construction activities, regulates relations related to shared construction of residential houses and other real estate objects through the attraction of funds from individuals and legal entities, and establishes guarantees for protecting the rights and legitimate interests of participants and developers. Over time, there was a need to improve the law, make additions, and bring it in line with new realities.
Changes affected provisions related to the rights of participants. In the new version, a participant is defined as a citizen of Turkmenistan who has reached the age of eighteen, permanently resides in Turkmenistan, an individual engaged in entrepreneurial activities without forming a legal entity, or a legal entity created in accordance with the legislation of Turkmenistan, having concluded a participation agreement in shared construction of a residential house or other real estate object.
This interpretation eliminates any ambiguity and other interpretations of the law provisions. "Other real estate objects" now include "separate standing objects of administrative, domestic, commercial, and production purposes, constructed at the expense of funds attracted from participants."
Changes also affected Article 11 of the law. Specifically, the second point of Article 11 has been significantly expanded and now reads: "Under the agreement on participation in shared construction, where the object of shared construction is an apartment, only a person who is a citizen of Turkmenistan can act as a participant. Under the agreement on participation in shared construction, where the object is a separate part of socio-cultural, administrative, domestic, commercial, and production facilities, as well as an object located in a residential house not serving its intended use, participants can only be individuals engaged in entrepreneurial activities without forming a legal entity and legal entities created in accordance with the legislation of Turkmenistan."
Practice has shown that these legislative changes were timely and necessary, as many questions arose during the conclusion of contracts and other documents related to construction.
Overall, it is worth noting that the created legal framework significantly contributes to the effectiveness and quality of work in successfully implementing urban planning issues.
