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Setl City Signs an Agreement on the Principles of Conscientious Work

2015 march 19

Today, on the 19th of March, in the framework of the international exhibition InterStroyExpo, Setl City (a company of Setl Group) has been one of the first developers who have signed with the Government of St. Petersburg an Agreement on the Basic Principles of Conscientious Work in the market of housing construction in the period of economic instability.

The purpose of working out and signing this Agreement is to promote the reliability criteria for construction companies, to provide information support of housing buyers when they are choosing a site, which is still under construction, and to reduce the risks that any new hoodwinked investors will appear. 

The Agreement has been worked out by the Government upon the initiative of M. M. Oganesyan, Vice-Governor of St. Petersburg, jointly with the professional associations Non-profit Partnership Association of St. Petersburg Builders and Union of Construction Associations and Organizations (SSOO). The document sets forth the basic criteria of reliability for construction companies, including work according to the requirements of Federal Law 214-FZ, securing the obligations of handing over apartments to construction co-funders, information transparency, ensuring the appropriate quality of construction, etc.

The construction companies that have signed the Agreement guarantee the compliance of their organizations with said criteria. 

Setl City and a number of other big and reliable developers in St. Petersburg are among the first companies that have signed the Agreement. 

“In the period of economic instability, these companies will be a stabilizing center-piece of the market, based on which a high-quality and reliable supply of apartments under construction will be formed," comments Oleg Pashin, CEO of Petersburg Real Estate Project Development Center (a brokerage company selling 25% of the housing under construction in the market of St. Petersburg and Leningrad Region). “Thanks to the experience, professionalism and financial stability of these companies, their sites meet the quality criteria, are built according to the adopted schedules and remain attractive for buyers irrespective of the market situation.” 

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Companies of Setl Group holding