The next changes in housing market: cancellation of share construction
The market of residential real estate is expected by the next changes - cancellation of share construction is planned. It will allow to lower number of the deceived participants of this procedure, and the housing will become more expensive. So, last Friday the meeting of Council for housing policy under the leadership of the deputy prime minister I. Shuvalov on whom discussed a subject of control of procedure of carrying out share construction took place.
As Shuvalov expressed support of the proposal of A. Vorobyov holding a post of the governor of Moscow area about development of changes in Federal Law No. 214, creation of the working group is planned.
The Deputy Prime Minister considers that it is necessary to accept changes in this law in the fall 2015.
These changes will cause refusal of use of the present scheme of share construction. The period of transition to a new type of calculations of the developer and the buyer during whom financing of building will be carried out through the specialaccount and with use of the bank guarantee to last about 4 years, and by 2020 it will become already impossible to use such scheme. Vorobyov considers that shareholders in Moscow area shouldn't be by 2018.
How the scheme of share construction now works?
Using this scheme, the developer can attract money of shareholders at any stage of construction of real estate. So, getting the apartment in the new house the buyer saves 20-25 percent on a ditch stage. At delivery in operation the housing will bypass it more expensively. Thus the shareholder risks to lose the money, for example, if the developer goes bankrupt.
It should be noted that since January, 2014 Federal Law No. 214 was added that allowed participants of share construction to feel the little protected. The developer has to provide the agreement with insurance company, the guarantee of bank for realization of apartments now, or to become the member of Society of a mutual insurance. The last means that if someone from developers won't fulfill the obligations, they are assumed by other members of Society.
At the moment Society was entered by 144 builders. Such type of insurance is most effective as not each insurer can protect properly shareholders, and at his bankruptcy the developer is compelled to be reinsured. The similar situation with banking institutions – not everyone has the right of delivery of a guarantee. From the moment of introduction of these changes the number of the deceived participants of share construction decreased. At the beginning of 2015 their quantity made over 70 000 people, and, according to Vorobyov, in Moscow area within the last three years their number decreased with 18 000 to 7 000.
At the end of 2014 the deputy of the State Duma Hinstein noted that about 50 percent of housing in Russia are under construction according to the scheme of share construction therefore it isn't desirable to stop its use.
Otherwise it will be impossible to execute Putin's orders on increase in volume of construction of housing by 2016. So, in 2014 put volumes, record in comparison with previous year, into operation – 83,6 million square meters.
It was planned to cancel the present scheme and earlier. So, spring of last year the government discussed full transition of buyers and developers to new system of calculations. At that time it was declared by M. Men who noted later that the matter is studied theoretically as banking institutions can't provide to developers suitable alternative so far.
How the new scheme will work?
Since January of next year the developer, the buyer and bank sign the tripartite contract on the basis of which money of the shareholder sends to the special account, and already then to financing of the project. It will allow to provide completely the cost of the project and to finish construction of object in due time.
There is a question: who will exercise control of a target expenditure of money from the special account? The exact answer isn't present so far, but it isn't excluded that bank. During Vorobey' meeting I noted that "Sberbank" and VTB already have experience of similar activity. Shuvalov, in turn, supported this idea, having noted that the State Duma needs to accept this legislative framework, thus they have to discipline the market.
By the draft of the new scheme it is provided instead of insurance of a civil liability of the developer to use bank guarantees. The attracted money of citizens shouldn't exceed the guarantee sum. In case the developer doesn't fulfill the obligations, risks will lay down on banking institution, but not on insurance company.
Completely it is planned to exclude from a turn the old scheme by 2020. Then developers will be able to sell housing only after put it into operation.
According to the head of "NDV of Groups" A. Khrustalyov, it is extreme measures. The vice-president "HMB Opening" A. Yudina noted that some buyers, buying the apartment at a ditch stage, make investments, after all in five years it can be sold much more expensively. The developer can use this money to finish building together with the credit. Departure of the developers using the present scheme can change procedure of crediting and lead to the essential growth of cost of apartments in primary market.
In turn, builders are afraid that at implementation of the new scheme there will be a repartition of the market, and the cost of housing will increase. If developers aren't able to attract money of shareholders, they should take the credits, respectively, a cost of real estate will grow approximately by 20 percent. Besides, the bank can not issue the next credit, won't be convinced yet, apartments at the developer on any object how well are on sale. According to participants of meeting, this scheme of crediting of developers is more risky for banks, and, most likely, at a zero stage of construction they won't begin to credit builders.
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