Bankruptcy of “Smart Houses” Construction Company Leaves 118 Tashkent Families Homeless
Residents in the Olmazor district of Tashkent have been left waiting for years for the apartments they invested in to be handed over to them. The situation has left many citizens frustrated as the head of “Smart Houses” LLC, the company responsible for the construction, cannot be located. The company has been declared bankrupt due to tax debt and is now on the brink of liquidation.
A group of individuals who paid during the construction phase for apartments in a high-rise building in Tashkent also claim to have been deceived. According to reports received by Kun.uz, “Smart Houses” LLC began construction on a new building in 2018 in the Olmazor district, and many citizens eager to purchase apartments were encouraged to invest in the project, resulting in billions of sums being collected from them.
Despite the construction progress, with the foundation being dug and several floors built, the apartments were not delivered to their rightful owners on time. It was later revealed that the former owners of the company embezzled the funds, leading to their imprisonment for eight years.
In December 2021, a new founder, Shavkat Shermatov, took over the company and resumed construction. By 2024, the 8- and 5-story buildings were fully completed, with some apartments handed over to their owners while others still remained without keys.
Several apartment owners shared their frustration, as they have not received their homes despite the building being finished. The company’s declaration of bankruptcy has left many unanswered questions about the fate of the apartments and the possibility of returning payments to the customers.
Efforts to contact Shavkat Shermatov for clarification on the situation have been unsuccessful. This case adds to a series of similar incidents in Uzbekistan where citizens have been defrauded by construction companies, leading to government intervention to resolve the issues between builders and customers. The situation underscores the need for greater transparency and accountability in the real estate development sector to protect the rights of homeowners and investors.
