25 Oct '07
The Krasnodar regional authorities plan to increase the number of apartment blocks commissioned by more than 14% in 2008 to reach the figure of 4 million square meters.
Altogether there were around 3.5 million square meters commissioned in the region in 2007. This allowed the region to rank third in Russia after Moscow and the Moscow region. Constant price increase for construction materials had resulted in individual houses and apartments becoming more expensive, the spokesman of the regional administration said.
In order to uphold prices from rising, regional authorities worked out a special program. Half of the expenses usually spent on building’s engineering infrastructure will be covered by the regional budget. The Krasnodar regional authorities earmarked 500 million rubles for this purpose.