Owning your own home is even cooler than owning a car. After all, if you can get from point A to point B by bus, then it is very problematic to do without your roof over your head. And the prices for ready-made apartments force many to look for a way out in shared construction: this way it turns out, at least not by much, but cheaper.

To help a person protect himself and his savings from unscrupulous developers and get his paid square meters is the law 214-FZ on shared construction.

The purpose of our article is to tell you the main points that you need to know about the law 214-FZ. You can also download the full text of the law in its current version from us (under the text of the material, at the end of the page).

Why and who needs it

The biggest danger of a “share” is that you have already paid the money, and your apartment in the new house still exists only on paper, because the house has not yet been built.

Example 1

With the birth of the twins, it became difficult for the Benediktov family to huddle in the same room. Therefore, it was decided to sell the little family, add the money set aside for the car, and buy a new three-ruble note in a house under construction. 214, the spouses did not read the law on shared construction, but under an agreement with the developer, the house was to be handed over in six months.

At this time, Benediktov's wife moved with her children to the village with her parents, and the head of the family began to prepare for the move. But when, six months later, the happy Benediktov came to admire his new apartment No. 25 - as it was stated in his contract - he found a nimble peasant in it, who actively supervised the repairmen. The peasant also signed a share agreement, paid the money and, according to the papers, had the same right to the same apartment No. 25. There were several more such poor fellows in the house. And all of them have been hounding the thresholds of the courts for several years. The disputed apartments have been arrested, and Benediktov's wife is threatening divorce.

Example 2

Emma Stanislavovna sold the dacha and antique decorations in order to buy her grandson an apartment, albeit small, but separate. The construction company was chosen on the advice of friends. New house promised to deliver in a few months. But two years have passed, and the new building has risen only three floors instead of the planned sixteen. The developer went bankrupt, the director is wanted, and the deceived equity holders, led by Emma Stanislavovna, are picketing the mayor's office and writing letters to all authorities.

Until recently, such situations were not uncommon. The new law on shared construction - 2018 has undergone many changes and additions since the adoption of its first edition in 2004, until, finally, it became possible to talk about the appearance in it of a real system of state regulation of the activities of developers and guarantees that the money will not disappear without a trace, but the property will be built and handed over to the owners.

What shareholders need to know

The text of the law is quite complicated and is designed more for professionals, but some points should be remembered by every person who decides to take part in shared construction:

• 214 the federal law on shared construction establishes a mandatory state registration share agreements, and money for new housing is paid only after such registration with Rosreestr. This protects the shareholder from the risk of double selling, i.e. the developer will no longer be able to sell the same apartment to several buyers;
• it is planned to create special compensation funds, which are formed at the expense of mandatory deductions construction companies before concluding an agreement with the first shareholder. Therefore, if the developer does not have enough funds to complete the construction, he will receive them from the compensation fund. If the developer abandons the object or goes bankrupt, shareholders will receive compensation from this fund;
• the construction company itself is now required to have experience in erecting apartment buildings at least three years, and its size own funds should be at least 10% of the planned cost of the project. This rule is intended protect citizens from one-day firms.

What else to pay attention to

Each developer is required by law to create their own official website on the Internet. On such a site you can find all the necessary information about the construction company itself, its building permits, project documentation on the objects under construction, information on the payment by the developer of contributions to compensation fund, as well as draft equity participation agreements to be concluded. Reading these documents in advance will allow you to choose best option when making a decision on participation in shared construction, and, if necessary, consult a lawyer in advance.

The reliability of the developer and the quality of his work can be judged by the lawsuits that are brought against him. Arbitration courts consider disputes involving organizations: such cases can be found on their official website. You can find out about the claims brought against the developer by citizens, and the decisions made on them, on the portal of the State Autonomous System "Pravosudie".

Comparison of the current situation in the real estate market with the crisis of 2014-2015, when, after the decline in oil prices, the cost of new buildings stopped growing, and in real terms began to decline altogether, is absolutely inappropriate. So says the head of the National Association of Housing Developers (NOZA) Kyrylo KHOLOPIK (pictured). And proves it.

After the decline in oil prices on March 10, 2020 and the subsequent growth of the dollar from 64 to 80 rubles. many analysts began to predict a decline in prices for new buildings, drawing an analogy with the situation after the collapse in oil prices in 2014. Such an analogy is completely inappropriate and even incompetent. I explain why.

Prices for any goods, including apartments in new buildings, rise or fall under the influence of supply and demand. If, under the influence of unforeseen factors, the demand for housing in apartment buildings significantly exceeds supply, prices rise, because with an average house construction cycle of 2-2.5 years, developers cannot ensure that the necessary volumes of housing are brought to the market quickly. On the contrary, if demand drops sharply, developers have to sell apartments at a discount - their business model does not allow them to keep housing on the balance sheet until demand picks up and prices rise again.

To better understand why six years ago, after the fall in oil prices, the value of real estate began to sink in real terms and why this will not happen after the current oil collapse, I propose to compare the conditions on the market then and now.

The growth of the real estate market and the fall in oil prices in 2014

By 2014, in a favorable macroeconomic situation, against the backdrop of the development of mortgages, rising wages and, as a result, increased housing affordability, developers significantly increased construction volumes. In 2012, 440 thousand apartments were sold under participation agreements in shared construction, 541 thousand in 2013, and 763 thousand in 2014 (+73% over two years). This record has not been broken so far: in 2018, sales under the DDU amounted to 710 thousand, and in 2019 - 697 thousand.

However, in late 2014 - early 2015, the price of oil fell from $110 per barrel, first to $70, and then to $55 per barrel. In parallel, the dollar rose from 34 to 70 rubles. Devaluation national currency and wage cuts could not but affect purchasing power population. Effective demand shrank, and developers could no longer raise housing prices. Prices settled at the equilibrium level, gradually declining in real terms.

At that moment, the panic in the real estate market was avoided largely thanks to competent monetary policy The Bank of Russia, which in December 2014 raised the key rate to 17% to curb inflation, and also established a strict "budget rule". It is thanks to this that Russia now has a multi-trillion dollar "pot" both for the fulfillment of social obligations and for the implementation of additional subsidy programs, if necessary.

In the period after the crisis of 2014, the issuance of mortgages for new buildings was supported by a special Government program subsidizing rates at 12%, launched in March 2015. During its operation until December 2016, 514 thousand loans were issued for 929 billion rubles, which accounted for about 37% of all mortgage loans issued during this period. Almost a third of the volume of housing (25.7 million square meters) sold on the primary market during this time was purchased under the program. It turned out to be extremely effective: each ruble of budget funds attracted 100 rubles for housing construction. off-budget investments, of which 37 rubles. came at the expense of the population. This supported both demand from citizens and developers.

The result of the crisis was the recovery of the industry: about 600 developers went bankrupt - mainly those players who initially launched insufficiently high-quality projects with an uncalculated economy. At the same time, the appearance of a large-scale problem of “deceived equity holders”, the solution of which is a priority at the moment, was partly a kind of payment for this recovery.

New rise in the real estate market and a new oil peak

In 2017, the growth of nominal housing prices resumed, as they came close to the cost price and began to grow along with inflation and the beginning growth of wages. According to Rosstat, in 2019 nominal prices grew by 8.0% (+4.8% adjusted for inflation).

Given their decline in real terms in 2015-2017 by about 13%, the current recovery growth is positive news. This increases the investment attractiveness of the real estate market for developers. It should be noted that in the fourth quarter of 2019, housing prices in real terms were still 25% below the level of early 2013 - while the cumulative growth in real wages was 21%, and taking into account the decrease in mortgage rates from 12.5% to 8.7%, the affordability of housing for the population increased from about 37% to 47%.

Change in prices for new buildings in Russia in 2013-2019 (in % to 2012)

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Source: Rosstat

Did not prevent the recovery of the housing market, contrary to the forecasts of many skeptics, and a large-scale reform of the industry, carried out last year. From July 1, 2019, there was a transition to a new financing model housing construction, which involves the use of escrow accounts. Citizens participating in shared construction received a full guarantee of the safety of their funds. According to the VTsIOM poll, more than 80% of respondents positively assess the reform. The share of families ready to purchase housing at the construction stage has increased by a third, and the share of families ready to purchase an apartment at an early stage of construction (preparation of the construction site, excavation and foundation work) has more than doubled. It can be stated that the transition was successful. At the end of 2019, housing commissioning increased by 6% and amounted to 80.3 million square meters. m - positive dynamics was recorded for the first time since 2015. At the same time, until the industry adapts to the new scheme, the entry of new projects to the market has somewhat slowed down.

The fall in oil prices on March 10, 2020 will not lead to market stagnation. First, unlike the situation six years ago, the volume of supply does not exceed the possibility of demand: as of March 18, according to the resource our.dom.rf, there were 100.6 million square meters in construction. m of housing. This year, the same volume of housing is expected to be commissioned as in 2019. By adapting to new housing finance rules in the face of record low mortgage rates, developers may be delaying housing commissioning, allowing them to ride out market turbulence and not sell housing in new projects at a loss.

Secondly, there will be no sharp contraction of effective demand this time. It is unlikely that Central bank will go for a sharp increase in rates, like last time. In a March 13 press release, his press service said that the current weakening of the ruble "is a significant, but short-term pro-inflationary factor" - and, on the contrary, there are significant medium-term disinflationary factors. An increase in the key rate is possible by a small amount and for a short time, which means that mortgages will remain available.

Moreover, new payment mechanisms will soon be launched. maternity capital providing for a significant increase in the amounts of such payments. A significant amount of these amounts will pour into the market for new buildings, which will spur demand. A positive impact on demand is also exerted by several mortgage programs with state support that are currently in place. As part of the Family Mortgage, families with two or more children receive loans for new buildings at a rate of 6% or less - in January 2020, more than 30% of all mortgages in the primary market were issued under the program. Since December 2019, the Far Eastern Mortgage program has been launched, allowing young families or owners of a Far Eastern hectare to take out a loan at 2%. In February, under this program, 3.4 thousand loans were issued in the amount of about 11.7 billion rubles. The program of payments of 450 thousand rubles is successfully working. families with many children to repay part of a mortgage loan operated by DOM.RF: about 40 thousand applications have already been approved, the amount payable is more than 17 billion rubles.

All these state support measures do not depend on fluctuations in the market and will be implemented in full. Therefore, we can say with confidence that sales of new buildings will not only not decrease, but most likely will grow in the near future. By 2021-2022, this will lead to a significant increase in construction projects.

But be that as it may, the housing market is not expected to stagnate in the future. Given that mortgage rates are now at historical lows, if you have found a suitable apartment, feel free to make a purchase. Housing is too important an asset to be dependent on short-term economic conditions. With a decrease in mortgage rates, the loan can always be refinanced.

Other publications

Denis Artemov, Senior Associate at the law firm Via lege, tells the Novostroy-M portal about the main changes to the Federal Law “On Participation in Shared Construction of Apartment Buildings and Other Real Estate…” dated December 30, 2004 No. 214-FZ, introduced by Federal Law dated 29 July 2017 No. 218-FZ.

Introduction

On November 30, 2017, the Prime Minister of the Russian Federation Dmitry Medvedev, during an interview with Russian television channels, called for abandoning shared construction in favor of a mortgage, considering similar contracts as a legacy of an underdeveloped housing market, "rudiments of an earlier era".

Already on December 25, 2017, the official website of the Government of the Russian Federation published a roadmap for a gradual transition from equity financing of construction to the use of escrow accounts and lending to developers.

The implementation of the action plan includes three main stages:

• preparatory (until June 30, 2018), which consists in creating a regulatory framework for the transition to a target financing model;
• transitional (from July 01, 2018 to July 30, 2019) - the conclusion of agreements for participation in shared construction both using the mechanism of escrow accounts and / or special accounts, and with the attraction of funds under agreements for participation in shared construction directly with the developer using existing mechanisms for protecting the rights of equity holders;
• final (from July 01, 2019 to December 31, 2020) - transition to the conclusion of all agreements for participation in shared construction using the mechanism of escrow accounts and / or special accounts.

These events became the subject of lively discussions about the future fate of the shared construction institution.
Perhaps such a radical solution to the problems of shared construction is pre-election rhetoric - in March 2018, the next presidential elections will be held and the party in power needs to demonstrate activity on the most pressing public problems.

After all, it will be very difficult to create a worthy alternative to the equity participation of citizens' personal savings in construction.

Equity participation, which in fact is an interest-free financing of the developer, in terms of "ease of use" is beyond any competition for developers.

Nevertheless, legislators have taken a course towards tougher regulation and a phased reform of the institution of shared construction, which implies appropriate changes in federal legislation.

The Federal Law “On a public law company for the protection of the rights of citizens participating in shared construction in the event of insolvency (bankruptcy) of developers and on amending certain legislative acts Russian Federation” dated July 29, 2017 No. 218-FZ, containing many amendments to 214-FZ.

The amendments come into force from January 01 and July 01, 2018. Many of them are fundamentally new. The novels seriously tightened the requirements for construction companies, the construction process and the use of funds received from citizens. Moreover, if the "road map" is implemented, these innovations are only the beginning of a galaxy of amendments to 214-FZ.

But already now, many developers claim that fundamental changes will significantly complicate the work of builders, reduce the number of construction companies (primarily small and medium-sized developers), reduce the volume of housing construction and, as a result, lead to an increase in prices for residential real estate.

It would not be superfluous to recall here that since its adoption, 214-FZ has already been changed to one degree or another 16 times, and each new attempt by legislators to make the construction market more transparent and secure caused similar sharp criticism from developers, however, in the field of development large, medium and small developers are still working.

The truth is that earlier attempts to reform 214-FZ could not solve the problem of deceived equity holders. How realistically will the innovations "work", how far will they actually go, and how positive or negative will their work become?

When innovations will "earn"

It is immediately noteworthy that most of the changes will affect only new buildings, the construction permit for which was received after July 01, 2018. That is, the legislator, obviously, based on the seriousness of the novels, gave construction companies a whole year to prepare for changing working conditions.

On the other hand, something similar already took place at the time of the adoption of the 214-FZ itself in December 2014, when its effect was extended to objects whose construction permit was obtained after April 01, 2015.

At that time, many developers simply received permission to build a number of objects before the “X” date, after which they calmly completed their construction for several more years, without falling under the influence of innovations.

There is a high probability that many developers will implement a similar scenario now.

It is noteworthy that many new buildings will not be affected at all by the innovations of 214-FZ. We are talking about those houses that are built under the scheme of housing construction (HBC) or housing savings cooperatives (HSC), as well as under preliminary contracts for the sale of apartments. The new version of the law still does not prohibit such schemes for raising money for construction, and here the legal relationship "developer-citizen" 214-FZ does not regulate at all.

Interestingly, at the same time, the novels deprived developers of the opportunity to produce or acquire securities except shares. Since bills of exchange are one of the types of securities, the new version of 214-FZ has finally done away with the "bill scheme" for financing new buildings.

General requirements for the developer

Consolidating many new requirements for the developer, the legislator introduced a new concept - "specialized developer".

From now on, only a business company can be a specialized developer - corporate commercial organizations in the form of limited liability companies or joint-stock companies. Developers such as non-profit, public organizations, sports, music, educational and scientific institutions.

Since the developer must perform the construction function, and, according to the new legal requirements, cannot perform other functions, this rule seems to be logically justified.

The developer must have at least 3 years of experience in the construction market of apartment buildings (as a developer, technical customer or general contractor). Permits are required to put into operation at least 10,000 sq.m of apartment buildings.

This innovation significantly complicates the emergence of new construction companies on the market. Now the organization must first "show itself", that is, acquire a certain length of service and work experience, and only then get the right to raise funds from citizens in the construction of apartment buildings.

The novella will also reduce the number of small construction companies that already exist, but “fall short” of the specified criteria.

Supervisor, Chief Accountant and other individuals of the developer's management bodies should not have a criminal record in the field of economic activity or against the government, to be earlier (less than 3 years ago) brought to subsidiary liability for obligations legal entity to be insolvent (bankrupt). The same requirements apply to the beneficiaries of the developer.

In the project declaration published for general viewing, the developer will be required to indicate information on compliance with the requirements of the law of their leaders.

Special attention is paid to the increased information openness of the developer. On its official website, the developer will be required to post in full the intermediate financial statements no later than 5 calendar days after the end of the relevant reporting period, as well as annual accounting and audit report no later than 120 calendar days after the end of the corresponding reporting year.

The developer will be required to post the same information in the Unified Housing Construction Information System, such an obligation arises from January 1, 2018.

It is important to note that such a Unified Information System has already been launched (https://our.dom.rf/).

Financial stability of the developer

A number of innovations are aimed at increasing financial reliability developers.

IN new edition 214-FZ, the previously existing requirement for a minimum amount of the authorized capital, depending on the area of ​​objects under construction (from 2.5 million rubles with a total area of ​​​​up to 1.5 thousand square meters, up to 1 billion 500 million rubles with a total area of ​​​​more than 500 thousand . sq.m).

However, now the developer's own funds must be at least 10% of the planned project cost.

A new requirement has been introduced for the minimum balance of funds on the account of an authorized bank on the date of sending the project declaration, which should be 10% of the project cost of construction.

Builder's non-construction obligations apartment building, should not exceed 1% of the design cost of construction as of the date of sending the project declaration to the authorized body. The maintenance costs of the builder cannot exceed 10% of the design cost of construction.

Also, the total amount of advance payments should not exceed 30% of the project cost of construction.

According to the new version of 214-FZ, the developer cannot participate in or create commercial and non-profit organizations. Thus, an attempt was made to exclude the creation of construction holdings, which in practice not only contribute to the developer's ability to stay afloat, but simplify the withdrawal of the troubled developer's funds beyond the reach of deceived equity holders and law enforcement agencies.

This is especially true for foreign offshore legal entities affiliated with the developer.

However, it seems that this prohibition in practice can be easily circumvented by registration subsidiaries on "their" individuals, formally unrelated to the organization-builder.

The developer cannot attract credits and loans, with the exception of targeted ones, the developer himself also cannot provide loans or loans.

As already noted, from now on the developer does not have the right to issue bonds and other securities, except for shares, as well as to purchase securities (including promissory notes).

building requirements

One of the main innovations was the rule according to which the developer is not entitled to simultaneously build apartment buildings under several building permits and has the right to attract money from equity holders only for the construction of apartment buildings specified in one permit.

Now the principle works: "1 developer = 1 building permit".

This innovation is aimed at curbing the practice when the developer completed the construction of one apartment building at the expense of funds raised for the construction of another residential building. The final residential building in this "vicious" chain had an increased risk of becoming a problematic object.

According to the new version of 214-FZ, the developer has the right to attract cash citizens with only one building permit.

In terms of organization accounting the developer will be obliged to ensure that records of funds paid by participants in shared construction are kept separately for each apartment building.

The developer will not be able to carry out activities not related to the attraction of funds from equity holders and the construction of the relevant facility. Such a concentration of the developer's efforts on the construction process, according to the legislator, will contribute to quick and high-quality construction, as well as minimizing the risks associated with the financial responsibility of the developer in other areas of business, which ultimately had a negative impact on financing the development.

However, in reality, even before, most developers practically did not “break away” from their core activities, mastering only types of activities related to construction (registration of preschool institutions, property rights, turnkey renovation of completed apartments, etc.).

A significant step in the regulation of the technical parameters of construction is the mandatory presence of an examination of project documentation in all cases, even in low-rise construction.

Lack of expertise in this area (mainly suburban construction) often led to significant violations of building codes and regulations.

Compensation fund

The developer will be required to make contributions to a specialized compensation fund in the amount of 1.2% of the cost of each child care facility.

The non-profit organization "Foundation for the Protection of the Rights of Citizens - Participants in Shared Construction", established by Decree of the Government of the Russian Federation of December 07, 2016 No. 1310, is now being transformed into a public company.

The funds of the fund are intended for the completion of problematic objects or for the payment of monetary compensation to equity holders. Mandatory contributions to the compensation fund replaced the previously existing methods of securing the obligations of the developer in the form of a mandatory bank guarantee or compulsory insurance civil liability.

At the same time, the developer can still voluntarily use them.

It should be noted that the previously practiced system of compulsory insurance of the developer's liability has not justified itself in practice. According to statistics, there was not a single case when a troubled house or residential complex was completed with the money of insurers.

In this regard, the decision of the legislator to cancel the specified method of securing the obligations of the developer seems to be correct.

At the same time, the amount of 1.2% of the price of the DDU is quite consistent with the amounts that developers paid to insurance companies.

Already on October 20, 2017, the public law company "Foundation for the Protection of the Rights of Citizens - Participants in Shared Construction" began its work.

It is impossible not to agree that the new mechanism will indeed give additional guarantees to equity holders, such a system is more reliable than the current one. The funds already formed in the fund are much easier to use than a hypothetical insurance compensation or bank payments.

At the same time, the legislators remained true to themselves and the previously taken general course towards self-regulation of certain areas of business, placing the obligation to finance the work of the fund on the participants in shared construction themselves - developers and citizens.

Consistently implementing the policy of planned financing, legislators, as an alternative to the financial burden of creating a fund, provided for the transition of the developer to the use of escrow accounts.

It is important to note that the law defines the maximum amount of compensation, which is defined as the product of the total area of ​​all residential premises to be transferred to a citizen participating in shared construction (but not more than 120 sq.m.) and the average market value of 1 sq.m. meter in the corresponding subject of the Russian Federation, the value of which is determined in a specific period federal agency executive power.

Thus, the owners of elite apartments, the footage of which often exceeds 120 square meters, turned out to be not fully protected. m.

In addition, the ratio of the market value per square meter of a particular developer and the "average market value", which is determined by the federal executive body and can be significantly lower than in reality, also raises a question.

banking control

The logical result of the banking lobby was the granting of broad powers commercial banks, the list of which will be specially determined by the Government of the Russian Federation.

The developer is required to open an account only in authorized bank, while he has the right to have only one current account through which all settlements for construction will be carried out.

All key construction participants, such as the developer, technical customer and general contractor, must have accounts in one authorized bank.

The most controversial innovation was the rule according to which a special bank control will be carried out for each developer's payment. The bank will check the DDU, other construction-related contracts, acceptance certificates for work performed, certificates of acceptance and transfer of goods, waybills, etc. In case of detection of fictitious transactions and other violations of the current legislation, the bank will be obliged to report to the supervisory authority.

Providing banks that are commercial organizations, supervisory powers, along with the authorized executive body of the constituent entities of the Russian Federation already provided for by 214-FZ, is indeed an unexpected decision.

The wide interaction of some commercial structures (developers) with other commercial structures (banks), especially when the former are made dependent on the latter, almost always gives a wide field for abuse and corruption.

At the same time, it must be admitted that such double control over the financial flows of builders reduces the risk of asset withdrawal from construction and subsequent deliberate bankruptcy of the developer.

Finally, banking control can be regarded as a kind of test for the ability of banks to control the share construction market.

Recall that according to the roadmap for reforming the shared construction institution, from July 01, 2019, a full transition to the use of escrow accounts and / or special accounts is expected. The latter fact also causes a lot of controversy about the nature of legislative changes.

In particular, it is pointed out that the main beneficiary (beneficiary) from the introduction of escrow accounts in the primary real estate market are not developers (due to increasingly complex requirements for their work) and not participants in shared construction (although for them the risk of investing in construction is reduced, but there is a high probability of rising prices for primary real estate), and directly the banking structures themselves.

For example, a bank issues mortgage participant in shared construction under the relevant high interest. Then, when a participant in shared construction purchases an apartment, the bank returns the same money to the escrow account. And then the bank again lends the same money to the developer to build a house, and again at interest. At the same time, the developer himself, according to the conditions loan agreement under the full control of the bank.

Thus, in fact, "without taking out" money from the bank, credit organisation gets the opportunity to receive interest from both the participant in shared construction and the developer.

Conclusion

The changes made to 214-FZ can be characterized as significant. New requirements have appeared for the creation and work of developers, financing construction and the process of creating apartment buildings, a new way has been created to ensure the obligations of the developer in the form of a public law company "Fund for the Protection of the Rights of Citizens - Participants in Shared Construction".

The obvious result of the novels in practice will be the exit from the market of most small and medium-sized construction companies, many of which will not be able to work under the new rules. Such companies will either be forced to switch to ZhSK and ZHNK schemes, preliminary agreements, or transfer their construction sites to larger developers who will share the vacated potential among themselves.

Important preferences are already being received by banking structures, with which developers will have to work, and with the rules of the game which developers will have to reckon with. Banks can receive even greater benefits in the future during the implementation of the Government's road map.

The use of escrow accounts at the current moment is not mandatory, which means that the institution of equity participation in construction continues to work.

At the same time, a general course has been taken to replace equity participation bank lending and other forms of funding.

Obviously, in this case, difficulties may arise in the implementation of another government course - to create an affordable housing market. After all, the monopolization of the construction market by large development companies, the complication of their work due to novelties in legislation and banking control, the reduction in offers due to the withdrawal of many small and medium-sized developers from the market, against the backdrop of increased consumer demand, can lead to a significant increase in prices for apartments in residential buildings under construction.

However, this and other important questions can only be clearly answered by practical use considered innovations in legislation in life.

Publication date January 11, 2018

In the first half of 2018, a record number is preparing to enter the Moscow market of new buildings residential complexes

Photo: ITAR-TASS / Interpress / Tatyana Timirkhanova

Developers are trying to put on sale as many residential complexes as possible before the new requirements for housing developers come into force, said developers and realtors interviewed by the editors of RBC-Nedvizhimost. According to their forecasts, the largest volume of new buildings this year will enter the Moscow market before July 1.

The total volume of projects that will go on sale in 2018 will be approximately 1.5 times more than in the past, Pavel Bryzgalov, director of strategic development at FGC Leader, predicts. If we rely on the experience of past years, then, most likely, the peak of the output of new objects on the market will be in March-April, notes CEO company "Miel-Novostroyki" Natalia Shatalina. In general, according to her assessment, an increase in the volume of supply at the end of the year should occur in all segments.

“Up to 75% of the annual volume (about 1.5 million square meters in Moscow) can enter the market in the first six months of this year. Accordingly, the remaining share will be released to the market in the second half of the year,” says Urban Group Marketing Director Tatyana Kalyuzhnova.

Earlier, the experts of "Metrium Group" "RBC-Nedvizhimost" that Moscow developers are now developing about 140 new projects. “In the first half of 2018, at least about 30 objects are expected to go on sale, and given the possible acceleration of the launch of new residential complexes, their number may reach 40-50,” said Maria Litinetskaya, managing partner of Metrium Group, a member of the CBRE partner network . For comparison: in 2017, 80 new complexes began to be sold on the capital's market of new buildings, while in 2016 their number reached 71, and in 2015 - 66.

In the second half of 2018, there will certainly be a significant decline in development activity due to radical changes in the rules of the game in the new building market, Litinetskaya believes. “Not all developers will be able to adapt to the new business conditions due to increased costs. The start of some projects will have to be postponed to a later date, ”she predicts.

What motivates developers

Developers, if the stage of the project allows, try not to miss the opportunity to undergo an examination and obtain a building permit before July 1, 2018, Pavel Bryzgalov notes. Many developers want to be in time before the transition to new scheme financing of construction, to attract the largest amount of funds from equity holders under DDU agreements, adds the managing director “ LSR Group» Yuri Ilyin. “For developers, the old rules of the game are clearer. In addition, the new amendments to 214-FZ, which will come into force on July 1, will change the financial model of the project,” explains Pavel Bryzgalov.

At the same time, Tatyana Kalyuzhnova does not yet see a trend towards an accelerated withdrawal of new projects, as today developers are cautious about increasing supply on the market amid a situation close to overstocking. At the same time, she does not rule out that the new requirements, which will come into force on July 1, may affect the speed of putting hulls on sale.

How will the requirements for developers change?

From July 1, 2018, new requirements for housing developers in Russia come into force. Almost all of them concern financial side business. Developer at least 10% of the funds from the cost of construction of a residential complex by the time the project declaration is approved. In addition, the amount of own finance allocated to construction should not be less than 10% of the investment. Administrative expenses cannot exceed 10% of the project cost of construction, and the total amount of advance payments cannot exceed 30%. The developer's non-construction obligations are limited to 1% of the total investment.

The developer is deprived of the right to attract any loans other than target loan for the project. All construction financing should go through a single current account, which can only be opened in a bank authorized by the authorities. In addition, the developer cannot issue shares and bonds, secure the obligations of third parties with its property, or create commercial and non-commercial organizations.

They also limited the ability to raise funds simultaneously for several building permits. Simply put, the principle of "one developer - one building permit" is being introduced. Accordingly, for large projects involving several stages of construction, permits and design documentation will have to be approved before the start of implementation, and this will entail an increase in costs.

“These novelties will ultimately provoke a noticeable increase in the cost of construction, which in the future will either lead to an increase in prices or a decrease in the profitability of the development business. Given the current situation on the market, where there is an oversupply, some developers will be forced to curtail their activities or seriously revise their parameters,” Maria Litinetskaya believes.

How will the prices of new buildings change?

Experts interviewed by the editors do not expect significant new buildings in Moscow and the region this year. According to Pavel Bryzgalov, a large commissioning of objects on the market in the first half of the year is unlikely to have a significant impact on prices, since passing an examination and obtaining a building permit does not mean that the project will be put on sale. In addition, due to the withdrawal of a large number of new projects in the first half of the year, we will see some decline in the second, he adds.

At the same time, Maria Litinetskaya believes that an increase in supply, especially its spasmodic nature, will deal a heavy blow to the weak positive price dynamics that emerged in certain segments in 2016-2018. Most likely, due to the increase in supply, prices will decrease in the first half of the year, as developers will try to intercept customers from competitors at the expense of attractive rates, the expert predicts.

In general, Natalya Shatalina also expects a slight upward trend in 2018. “As for those residential complexes that will still enter the market in the second half of the year, due to the increased cost, prices may increase in them, but developers will most likely try to prevent this. I believe that large developers will be able to keep prices at an attractive level and, at the same time, will not deviate from fulfilling the requirements of 214-FZ,” sums up Maria Litinetskaya.

He told reporters about the president's instruction to work out the possibility of transitioning from shared construction to project financing through banking support. He did not talk about any specific dates.

The minister spoke about the need to abandon shared construction in the summer. “Of course, we should strive to someday get away from shared construction, switch to banking support, but this is not today and not tomorrow, while our task is to protect the people who participate in shared construction as much as possible,” Men noted.

Developers still mostly use loans to implement their projects, market participants comment. But the funds of equity holders are much cheaper for them.

“Here the question is not about the project financing mechanism itself, but about the rate at which banks lend to developers. bank funds for developers today, a much more expensive resource than the money of equity holders, ”says the general director of the development company Ingrad.

There are players on the market who build housing without attracting bank financing, but they are in the minority, says the financial director of the City-XXI century development group. These are either the largest companies, or companies affiliated with banking or government agencies, or companies that carefully calculate the level of credit burden and build mainly with their own funds.

Today, only a quarter of developers build at their own expense, the Granel Group notes. They also add that a full transition to project financing may lead to regional level up to 90% of developers may leave the market.

“The cost of construction in the regions is approximately 25 thousand rubles. per sq m. Sales on average - 35 thousand rubles. per sq. m. These conditions are financially burdensome for the regions and the business becomes unprofitable, ”says the company.

If we take into account the amendments to the law on shared construction, then only financially stable companies that profit not only from development will remain on the market, since the profitability of this business decreases more and more every year, adds Andrey Tsvet, Development Director of Granel Group .

We are talking about amendments to the law on shared construction, which will come into force on July 1, 2018. They introduce a ban on obtaining several building permits at once, oblige the general contractor, the technical customer and the developer to have an account in the same bank and make settlements between themselves using escrow accounts.

“After strict requirements for developers are applied, we can talk about other adjustments - the structure of the development market will change, from which small players will leave, who are too tough for the new rules of the game. At the same time, if it is possible to predict a change in the structure of the industry and the consolidation of companies, then it is premature to talk about a decrease in the volume of supply, ”shared . Est-a-Tet Key Partner Manager.

It should be noted that last year the requirements for minimum size authorized capital for developers attracting funds from the population. The size of the authorized capital is calculated individually for each developer, depending on the maximum area of ​​all shared construction objects.

The minimum size is 2.5 million rubles, with plans to build 1.5 thousand square meters. Moreover, if the developer is going to build 500 thousand square meters with the involvement of citizens, then his authorized capital must be at least 1.5 billion rubles.

In addition, this summer, the President signed into law the Fund for the Protection of the Rights of Shareholders (Compensation Fund), which establishes flat rate developers' contribution - 1.2% of the price of each contract with a shareholder. At the same time, the amount of the developer's own funds for the project, which is planned for implementation, must be at least 10% of its cost throughout the entire construction period.

If the president's new initiative is implemented, then the scheme, in fact, will hardly change, since the bank finances the construction, Sobolev drew attention. However, the time period for using bank money is changing.

“The bank will lend money for a longer period - the so-called “long money”. To receive funds from buyers, developers will have to first build the facility. In fact, we are talking about the sale of apartments in the same way that secondary housing is now being sold, ”the expert said.

He is confident that we can expect a reduction in the number of companies and further monopolization of the market. An increase in the cost per square meter and an increase in apartment prices due to reduced competition are inevitable in this case.

Other market participants are also confident that the cost of housing will rise. Project financing is allocated at 13-20% per annum, which, taking into account the duration of projects, gives from 20% to 60% overpayment on the loan. These amounts, of course, will be reflected in the price per square meter, which will become much more expensive than now, says the managing partner of Metrium Group.

“In order for project financing to work, the loan must be cheap and long-term, but in Russia today there is an acute shortage of just such investments. And in the conditions of the high cost of capital, the need to accelerate its payback increases, so it is unprofitable for developers or banks to get involved in long-term and expensive projects,” she believes.

According to her, macroeconomic stability and predictability are extremely important for long-term investments, primarily in foreign exchange market. It also does not exist today, and the lack of guarantees that the devaluation of 2014 will not happen again is the main obstacle to the introduction of project financing.

With full project financing, there is no need to sell apartments under the DDU, respectively, only new buildings put into operation will appear on the market. They will, of course, be more expensive than those sold at the excavation stage.

“At the current stage, the transition to project financing should not be taken as a prospect for the near future. There will be an impact on the market only when we see concrete steps towards creating conditions for the development of this construction financing scheme. Now it successfully coexists with the attraction of funds from equity holders and, in my opinion, the situation will not change in the next 5-10 years,” the expert noted.

Pavel Poselenov also believes that it will not be possible to completely switch to project financing in a short time, we can talk about five years or more.

Meanwhile, the problem of deceived equity holders in Russia is acute. The President addressed her more than once in his statements. Today the regions provided road maps about solving the problems of almost 40 thousand deceived citizens.

But according to a number of deputies, the problem is much larger, and we are talking about 150,000 people who invested in the construction of houses and did not receive housing.

Mikhail Men speaks about the lack of proper control over shared construction in the regions. He also notes that it is planned to establish a unified procedure for exercising control in the field of shared construction in all constituent entities of the country and to entrust control powers to the state construction supervision bodies of the constituent entities of the Russian Federation.

“This will ensure simultaneous control of the timing and quality of construction and control of the targeted use of funds from equity holders,” the minister is quoted as saying in the materials of the department.