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Baiterek tightly controls housing construction under Nurly Zhol Program

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by October 12, 2016 Legal

JSC “NMH “Baiterek”. October 12. A meeting of the commission attached to the faction of “Nur Otan” Party to control the targeted and effective use of budget funds and the funds of the National Fund allocated for the implementation of the state program “Nurly Zhol” for 2015-2019 has been held today in the Majilis of the Parliament of Kazakhstan.

During the discussion of the implementation of the program on the line of “Modernization of housing and utilities infrastructure, water and heat networks, strengthening housing infrastructure” Managing Director of JSC “National Management Holding “Baiterek” Kairbek Uskenbayev noted that the construction of affordable housing was conducted in accordance with the plan and it was planned to put into operation 423 thousand square meters of rental housing and 110 thousand square meters of credit housing until the end of 2016.

Operators of the construction are the Holding’s subsidiaries JSC Kazakhstan Mortgage Company and JSC Baiterek Development.

“In 2015, while the plan for rental housing was 401 thousand square meters there were commissioned 425 thousand square meters. In 2016, the Holding is to put into service 423 thousand square meters of housing by the end of the year. The task for 2016 is planned to be implemented in full,” Uskenbayev said.

According to Nurly Zhol Program, rental housing is only distributed to the waiting list of the local executive bodies. Reception of documents for registration in the queue is held through the akimats. Rental housing is provided with a purchase option for up to 20 years without a down payment. The rental cost in the cities of Almaty and Astana does not exceed 1 120 tenge per square meter, and in the regions it is not more than 930 tenge per square meter.

“For example, the cost of rent with a purchase option for a 50 square meter two-room apartment in the city of Astana is about 56 thousand tenge per month. To confirm his solvency the program participant should have a salary not less than 120 thousand tenge,” Uskenbayev explained.

In accordance with the President’s instructions given at the enlarged session of the Government of Kazakhstan on February 10, 2016, additional 113 billion tenge was allocated from the National Fund for the construction of rental and credit housing through JSC Baiterek Development in 2016.

Thus, in 2016-2017 Baiterek Holding has to commission 324.1 thousand square meters of rental housing and 366.9 thousand square meters of credit housing.

Contracts for the construction of 498,300 square meters worth 78.9 billion tenge and commissioning in 2016-2017 have been signed so far. In addition, memoranda were signed on construction projects totaling 225.4 thousand square meters and worth 39.6 billion tenge.

“The problem is that developers do not have a complete package of documents, mostly design and estimate documentation with expertise. As soon as potential partners-developers provide a full package of necessary documents, JSC Baiterek Development will conclude investment agreements. The acceptance of applications is underway, we are ready to actively cooperate with regional developers that do not exceed the price of the construction of 180 thousand tenge per square meter in the regions and 200 thousand tenge in Astana, Almaty, Atyrau, Aktau,” Kairbek Uskenbayev added.

The total area of housing should not exceed 80 square meters. Rental housing will be distributed only among those on the waiting list of the local executive bodies, credit housing – among the contributors of JSC Housing Construction Savings Bank. Construction of the first seven houses in Kyzylorda with a total area of 21 thousand square meters has been completed.

Baiterek Holding monitors the progress of construction every week.

Also in 2016, the Holding received 67 billion tenge for the purchase of debt securities of the local executive bodies for the construction of credit housing.

All funds go to the local executive bodies through the purchase of bonds to the amount of 38.2 billion tenge in 2016 and 28.8 billion tenge in 2017. JSC Baiterek Development has already bought securities of 16 local executive bodies to the amount of 38.2 billion tenge, ie 100 percent of the plan for 2016.

Thus, given the turnover and repeated use of allocated resources it is planned to build over 100 thousand apartments during the next 15 years.

Source: Baiterek

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