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Messenger The declared completion date of Residential Complex Varshavsky 2 is still far off — as late as 2022. Therefore, there are no obvious signs of problems yet. But many investors, because of existing problems at Residential Complex Varshavsky Plus, have decided to take a closer look at Residential Complex Varshavsky 2.
- Document review
- Investment scheme analysis
- Process analysis
- Transaction support
Stolitsa Group — Client, Developer and Courts
The Varshavsky 2 project is being developed on behalf of the well-known capital developer — Stolitsa Group. The developer already has delivered residential complexes Galaktika, Varshavsky microdistrict, Lipinka and others. This is a very large-scale developer. But in the last six months there have unfortunately been too many bad news around Stolitsa Group. If you are interested in Stolitsa Group’s projects and plan to invest in their residential complexes, I recommend you study the current situation around this developer in more detail.
The customer of the construction is the state enterprise Agrokombinat “Pushcha-Vodytsia” and if we open an extract from the register for this state enterprise, we will see a huge list of court documents at the end. Yes, far from all of them are current. But if you dig deeper, you can see that over the past several years criminal cases concerning the lands of Pushcha-Vodytsia have been mushrooming. With enviable regularity, various criminal cases attempt to prove that the lands that were in the use of Pushcha-Vodytsia were illegally withdrawn from state ownership.
This criminal case directly concerns both Varshavskys. The prosecutor assumes that Pushcha-Vodytsia and the Ministry of Agrarian Policy abused their position and, by concluding a number of investment agreements with companies that are connected to Stolitsa Group, gradually and illegally got rid of agricultural lands.
I talked about another criminal case in the review of RC Varshavsky Plus
- Document review
- Investment scheme analysis
- Process analysis
- Transaction support
Land for the construction of Residential Complex Varshavsky 2
Land, on which RC Varshavsky 2 is being built, is state property and has been transferred to permanent use to the state enterprise Agrokombinat “Pushcha-Vodytsia”.
In 2012-14 the state enterprise signed a number of investment agreements with six different companies. Among them are Oliver-Bud and City Bud Service. These two companies together with the state enterprise “Pushcha-Vodytsia” are listed in the Urban planning conditions and restrictions for the construction of RC Varshavsky 2. On 19.05.21 the state enterprise “Pushcha-Vodytsia” filed a lawsuit to declare the investment agreements invalid, in particular with these two companies. Court hearings have been scheduled to date.
RC Varshavsky Plus and RC Varshavsky 2 have the same situation. The state enterprise “Pushcha-Vodytsia” is trying to declare invalid the agreements that concern both complexes.
Construction permit
The residential complex has a construction permit and it was issued for buildings with a maximum height of 16 floors. According to the Detailed Plan of the territory, buildings of different heights are planned on this land — from 14 to 23 floors, depending on the specific location of the building. Therefore, you need to check the height of each building.
On the residential complex’s website I saw that it is possible to choose apartments in 25-storey buildings. That is, in any case the buildings in the complex are being built higher than provided both by the permit and the DPT. RC Varshavsky Plus has a similar situation. There the building heights also slightly exceed what is written in the DPT.
I believe an apartment is too expensive to buy blindly. I believe investors should be given the opportunity to easily and accessibly find all information about the construction. Right now you have to sift through hundreds of registers from different sources and painfully extract scraps of documents, and then make sense of them.
RC Varshavsky 2 — problems that can be avoided.
- Unfinished construction. In Kyiv alone there are 70 of these unfinished constructions. 18 thousand apartments for which buyers will not receive keys.
- Long-term construction. In Kyiv there are 8 known long-term construction projects that have been under construction for more than 12 years.
- Mismatch between completed project and what was advertised. This is when the developer said one thing but delivered another. You expected to see a luxurious children’s playground, but in reality there are three swings. The visualizations showed a green yard with mature trees and bushes, but in fact it’s all asphalt, with dug-up patches of earth around the perimeter and some shoots instead of lush crowns. They promised a car-free courtyard, but ended up with parking by the entrance. The pictures showed a beautiful lobby and corridors with finishes; instead you get monotonous, Soviet-style entrances. There are many examples.
“Remember! Neither a realtor, nor a bank, nor especially the sales department will fully investigate all the problems with RC Varshavsky 2, because they care about one thing — closing the deal and getting their profit. Inspecting a new development and investing is your personal responsibility. Study all the documents, check all aspects yourself. If you need to reduce risks to zero, order a full check and we will do everything for you.”