The last two long-stalled construction projects with defrauded homebuyers were completed in Nizhny Novgorod.

      December 31, 2025 14:24 Society

      Two of the last long-term stalled construction projects in the Nizhny Novgorod region, which involved funds from shared-equity investors, have been put into operation. These are the residential complex "Iyul" within the boundaries of Michurina and Iyulskikh Dney streets, and the residential complex "House on Gorky" in the center of Nizhny Novgorod. The keys were handed over to the equity holders by Deputy Governor of the Nizhny Novgorod Region Sergey Morozov, the regional government reported on December 31, 2025.

      In 2024 new investors and developers were found for all problematic projects. Now each building has been commissioned. This was a serious challenge for the Nizhny Novgorod Region, Morozov emphasized.

      "Thanks to the support of the Russian government, the federal Fund for the Protection of Shared-Equity Investors' Rights, the involvement of Vitaly Mutko, and the personal attention of Governor Gleb Nikitin, one of the first roadmaps for completing long-stalled construction projects was signed in the region. It became the basis for creating other support measures. We did not realize the scale of the problem, but people needed help," noted the deputy governor.

      Overall, from October 2017 to December 2025, using various federal and regional mechanisms, the rights of 7,500 defrauded shared-equity investors were restored. This concerns 220 buildings. Nearly 23 billion rubles were spent restoring the rights of defrauded equity holders.

      The residential complex "House on Gorky" was the last project in the region where the original developer (LLC "InterCity") attracted citizens' funds under shared-equity participation agreements without using escrow accounts. In April 2023 the company was declared bankrupt, and the building was about 50% complete. LLC "SZ 'Khutor'" took on the completion of construction, and on August 29, 2025 the project was commissioned. Already 137 of the 197 participants in the shared-equity construction have received keys to their apartments.

      As for the residential complex "Iyul", its original developer — CJSC "Tex" — illegally collected money from citizens under preliminary contracts, starting construction without the proper permit. Work was halted in 2017. In 2024 the Arbitration Court handed the unfinished building over to a new developer — LLC "SZ 'Terminal SK'". The building was commissioned on December 18, and on December 30 the first owners received keys to their apartments.

      In February 2025 it was reported that the rights of 550 defrauded shared-equity investors in the Nizhny Novgorod region had been restored. At that time the residential complexes "Helios", "Prioksky" and the apartment building at 15 Poltavskaya Street in the regional center had been commissioned.

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