Vladimir Putin signed the law on the abolition of the term “economy-class housing”

Vladimir Putin signed the law on the abolition of the term “economy-class housing”

The President of Russia Vladimir Putin has signed a law that abolishes the term “housing economy class” and introduces instead the notion of “standard housing”.

This is stated on the Kremlin website.

The document also provides for the establishment of the Ministry of construction requirements to the standard housing, including minimum and maximum sizes of dwellings. To establish these requirements under the standard will be defined as housing that previously attributed to the economy class housing. In addition, the law establishes the procedure for holding auctions in the electronic form at sale of land plots. These auctions are conducted by the Agency for housing mortgage lending (AHML).

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