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. Last Updated: 07/27/2016

Monarkh Beats Speed Record

For MTA Monarkh representative accepting a certificate marking the record.
Moscow's real estate market has long been singled out for the staggering speed of its developments, but some companies seem keen to take this to extremes these days.

Last week, one groundbreaking firm smashed the Russian and, it hopes, world record for the fastest single residential story ever built.

Using the latest technology, it took just 48 hours for construction firm Monarkh to build the penultimate floor of a new apartment block in the city's northern district of Beskudnikovo, a spokeswoman for the company said.

Thirty-eight laborers worked around the clock on the 700 square-meter story to break the record.

For maximum coverage, the event was timed to coincide with International Records Day, which is celebrated annually on Nov. 8. Construction finished at 9 a.m. on Friday and officials were on hand to register the record.

"This is a very serious achievement," said Alexei Svistunov, editor in chief of The Russian Book of Records. In just one month the company managed to build 15 stories, he said.

Beyond the eye-catching publicity stunt of shattering the record, Svistunov said the speed of the development could have serious implications for social housing projects and Moscow's flourishing residential property market.

The new apartment building has been put up to house locals who have been moved out of older five-story buildings as part of Moscow's redevelopment plans, he said.

"And they think that they can eventually increase the speed to one story every 24 hours," Svistunov said.

Despite fears over shoddy workmanship that plague the Russian real estate market, both Svistunov and a spokeswoman for Monarkh allayed fears that speeding up the construction process had led to corners being cut.

"The building will be safe," the spokeswoman said. "There is a guarantee with the building."

The news of Monarkh's record-breaking success comes against a background of widespread planning and construction delays that often hold up large-scale projects around Moscow.

But contrary to the popular image, it seems that the building boom is causing other records to tumble.

The country's current record for the largest construction to be built in a year is held by Crocus International. From June 2006 to August 2007 the firm built a 2700-cubic-meter pavilion at the giant Crocus exhibition center on the outskirts of Moscow.

On Sept. 16, 2006, a St. Petersburg firm took just 13 hours and 26 minutes to build an electrical power substation. The average construction time for such a project is around one year.