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Hundreds of apartment buyers in Tashkent are demanding their money back after a property developer operating under the name Imarat Development repeatedly missed handover deadlines, while an internal dispute among the company’s founders has deepened the crisis and left purchasers with no clear path to resolution.
The situation centres on projects marketed under the name of Marat Hayrullayevich — identified in the reporting as Marat Hamdamov — who attracted buyers with low prices and flexible payment terms across a range of schemes including Sergeli City and Bristol City. Buyers say the promises have not been kept. The sales office, which previously displayed the Imarat name, now carries the word Imtiyaz, a change that has added to purchasers’ unease.
Complaints From Named Buyers
Shohista Rizayeva, who contacted the publication directly, said an internal conflict had emerged within the company and that handover dates had been pushed back. She said she no longer trusted the developers and was demanding a full refund of the money she had paid.
Dilorom Yutayeva said she signed a contract personally with Marat Hamdamov on 6 January 2024 and had paid 400 million soums by the time she came forward. Her apartment was contractually due for handover by 30 October 2025. That deadline passed without delivery, and she too is seeking a refund.
Jahongir Muhiddinov said the apartments he purchased were due to be completed in December 2025 and that he had made his payments in full. When he sought information about the construction process after the deadline passed, company representatives gave him no clear answers. He was told compensation would be paid for each day of delay, but said the amount specified in the contract was negligible.
Dilnoza Toychiboeva’s account is the most striking. She signed a purchase contract on 3 February 2024 and waited through repeated delays. When she eventually lost confidence and asked to cancel the contract and recover her money, she says she was persuaded by company representatives to wait longer. She then discovered that the company had cancelled her contract unilaterally and sold her apartment — for which she had been making payments for three years — to another buyer.
Company Response
Kun.uz put questions to a man who identified himself as Olim Mamatov, director of Imarat Development. He confirmed that construction and finishing work was continuing in some blocks and that the projects were planned for delivery in three stages. On the questions of delays and of Marat Hamdamov’s role in the projects, he cited disagreements among the founders as the explanation, without elaborating further.
The combination of stalled construction, an unresolved founders’ dispute, and at least one reported case of a paid-up buyer’s unit being resold to a third party points to a situation in which ordinary purchasers bear the practical consequences of a corporate breakdown they had no part in creating.