Press room

Equity construction is one of the most attractive and affordable options for buying housing, as apartments at the construction stage are sold cheaper than after completion of construction.

However, this option is also more risky, since not all developers fulfill their obligations in good faith. It is important for a potential buyer to know that today developers can execute shared construction in one of the following ways only:

• upon availability of a guarantee from Kazakhstan Housing Company (KHC), which will ensure completion of the construction of the facility at KHC’s expense in any circumstances arising;
• upon availability of a guarantee of the Akimat with participation of a Kazakhstan bank. If the developer fails to complete the construction, one of the second-tier banks will return the money to the buyer in the amount of the contribution;
• upon availability of a guarantee of the Akimat under the “framework” mechanism – the developer receives this document only after raising the framework of the facility.

In order to protect its customers and help them make one of the most important decisions in their lives, Halyk is the first Kazakhstani bank to launch a service for checking equity projects under construction.

To check the reliability of the developer, tap “Real Estate” in the “Public Services” section of Halyk app, enter the name or BIN of the construction company, and check whether there is a guarantee on the developer’s facilities.

Thanks to a new service from Halyk, future real estate owners can check the developer in advance. This service will help protect citizens from buying housing from construction companies that illegally raise funds from citizens. It also minimizes the risk of violating the rights of shareholders and obligations on the part of developers. This reduces the risk of long construction or delays in the commissioning of housing.

Halyk app users can also access information on completed facilities and previously obtained Akimat permits/KHC guarantees. This information is obtained from the Kazreestr Unified Information System, which keeps records of all legal shared equity projects and share participation agreements.

“We care about our customers and try to create useful and relevant services for them. Checking whether a developer has a guarantee from KHC or a permit from the Akimat to attract shared construction participants’ money in Halyk app will allow you not to worry about potential risks or force majeure when buying a home. Our customers can check at any time whether the construction company has a guarantee of KHC or a permit of the Akimat to attract shared construction participants’ money for certain facilities, and select the best option for themselves,” Nariman Mukushev, Deputy CEO of Halyk, commented.

The new service has been implemented with the support of KHC. According to Altai Kuzdibayev, CEO of the company, before buying housing under construction and signing a contract in sales offices, it is important for citizens to check whether the developers have a guarantee from KHC or a permit from the Akimat to attract shared construction participants’ money. “The service developed by Halyk Bank and KHC allows making this check in a convenient format – online through Halyk app. We are confident that this solution will significantly minimize risks in transactions with housing under construction,” he said.

Halyk urges all Kazakhstan is to protect themselves and their savings by participating in legal shared construction only.