Contentious Bill Against Developers to Be Approved: 'Hraparak'

The parliamentary financial and budgetary issues committee led by Gevorg Papoyan has approved a contentious bill concerning developers for the second reading. This was reported by the newspaper 'Hraparak'.

The bill, authored by Papoyan, proposes that the bank, from which a citizen purchases an apartment via a mortgage loan on the primary market, does not provide the entire amount to the developer. In the first reading, it suggested transferring 25% of the funds, while the remaining 75% would be released only when the apartment is constructed and handed over to the owner.

This proposal stirred significant unrest among both developers and the ruling Civil Contract party. People were concerned that small and medium-sized developers would be pushed out of the market, leading to a monopoly on building construction in Armenia. As a result, the bill that passed the first reading was frozen for revision.

In the version presented for the second reading, only minor edits were made, changing the 25/75 ratio to 30/70.

For more details, refer to today's issue of the newspaper.