Nalchik developer detained after complaints from real estate investors

In Nalchik, the police detained a developer of three housing complexes, suspected of fraud with the money of real estate investors. The detention was preceded by a video message recorded and made public by the homebuyers.

The developer of the residential complexes “Premiere-1”, “Premiere-2”, and “Green City” in Nalchik has been detained, the Prosecutor’s Office of Kabardino-Balkaria reports.

“For a long time, the developer has not taken any actual measures aimed at putting the facilities into operation, and no sources of financing for the construction of the housing complexes have been determined,” the Prosecutor’s Office of Kabardino-Balkaria reports on its official website.

Furthermore, the Prosecutor’s Office has promised to assess the actions or inaction of the Nalchik administration and the Regional Ministry of Construction and Housing and Communal Services.

Earlier, a video message from the real estate investors to the authorities of Kabardino-Balkaria was posted on YouTube. In their video appeal, the real estate investors demanded to resolve their housing problem and bring to justice those who abandoned them to the whims of fate.

According to the real estate investors, they had addressed officials, but “no action” followed. “For 3-4 years already, we have been waiting for the housing purchased by us. Many of the almost 200 buyers took out a loan to buy apartments, and now they pay off those loans and still live in rented apartments,” the authors of the real estate investors’ appeal pointed out.