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Home Press center The AVA group is the first developer in Sochi to switch to project financing using escrow accounts.

The AVA group is the first developer in Sochi to switch to project financing using escrow accounts.

23 Mar 2020 News

The AVA group is the first developer in Sochi to switch to project financing using escrow accounts.

Amendments to 214-FZ made the purchase of housing on the primary market safer. The new mechanism in the resort city was used only by the developer AVA Sochi (part of the holding AVS Group). Guarantees for the safety of money are now provided by the Bank. It also controls the progress of construction of the object.

The holding promises to introduce residential complexes of the third and fourth stages by September. Sberbank granted the company a loan of 2.5 billion rubles under the project financing program. "The holding will allocate another 1.5 billion rubles from its own sources. The total area of the two stages will exceed 60 thousand square meters of residential real estate" explained Artem Shishkin, Vice President for Finance of the AVA group of companies.

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