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In Kokshetau, Kazakhstan, a group of homebuyers are facing a prolonged wait for their apartments, with construction stalled for five years. Many have paid the full amount for their homes but are yet to receive them due to persistent delays by the development company.

Unfulfilled Promises

The construction of a residential complex, which began in 2021, remains incomplete. Despite numerous homebuyers fulfilling their financial obligations entirely, the slow pace of construction has left them in limbo, with no clear timeline for when their homes will be delivered. Frustrated residents are urging local authorities to intervene, seeking either the return of their funds or a significant acceleration of the building process.

"We paid all our money, 100 percent. I am a 100 percent investor. We were told we would move into our apartments by early December, with our documents in hand. Since then, since 2021, it is now 2026. Nothing has changed in this regard," shared one of the affected buyers, Maria Romanova.

Construction Company's Response

The construction management has acknowledged the ongoing issues. A new contractor has been secured for the third, yet-to-be-started block, and is currently gathering information to commence work. The second block is slated for completion by the original company. Its management cited a crisis in 2022 and a shortage of bricks in the region as reasons for the delays. However, they express confidence that this phase is nearing completion, though a definitive completion date remains unstated.

"The company once faced such a crisis. Currently, we are overcoming this situation. Construction is nearing completion. Only interior finishing works remain, and we are awaiting the delivery of elevators, which has a two-month timeframe," stated Sanat Shakimov, the director of the construction company.

This situation highlights the challenges faced by investors in delayed construction projects, where financial contributions do not guarantee timely possession of property.

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