Prohibition of equity participation in construction. Full prohibition of shared construction: the authorities are determined by the law on the financing of housing construction
By decree of the President of Russia, the draft law is developed on the cancellation shared construction and transition to more reliable project financing. The law must enter into force for three years.
Differences of equity construction and project financing
Shared construction is a construction, with the involvement of money buyers (shareholders). In Russia, this is the most popular type of financing of new buildings. Scheme participation It looks like this: a part of the construction cost takes on the distributors, and in the case when construction company There is not enough funds to complete the project, developers are undermining a new construction and the previous object is completed on the money. At some point the money stops grabbing construction works And the new building can freeze until indefinite. Project financing of new buildings will come to replace the shared construction.
Project financing is a construction apartment houses Due to cash security banks, not individuals. Project financing will be organized by attracting loans, which in turn will affect the cost of apartments.
What will change after the cancellation of equity construction
The reform will reduce the risks of the shareholders and will make the system of residential real estate market more transparent. In Russia, today, more than 800 problem structures, and the number of deceived citizens reached 150-200 thousand people.
The advantage of innovation is in the new building. People will buy ready-made accommodation, which can immediately arrange in their property. The speed of building houses will increase, as the developer's budget will not affect the pace of sales of new buildings.
Minus Cancellation of shared construction is an increase in real estate value. An investment in new buildings at low stages of construction loses its advantages. Small or even medium construction companies offering budget housing may disappear. With a decrease in the construction of housing, its price will certainly grow.
The government is now actively discussed ways to transition to project financing and opportunities state support or reducing interest rates of the bank.
Experts believe that an individual approach will be needed for each developer, taking into account its reputation and financial support.
Will housing rise in price after the cancellation of shared construction?
Analysts predict after the adoption of the new law increase. Taking into account the current bank interest rates, the price tag will grow by 10-30%. For example, price one-bedroom apartment In the developed area of \u200b\u200b1.5 million rubles, if you add 25%, we get 1.85 million rubles.Also, buyers lose the opportunity to save or earn money by purchasing an apartment at a low stage of construction, and this is about 10-30% of its total value.
The cost of housing will be directly related to interest rates that will be offered banks. Compete with developers-partner banks or large construction companies, small firms or "novice" will be very difficult.
The competition in the market of new buildings will decrease, the volume of construction will be reduced, which will increase real estate prices. Will the country expect a new housing crisis or a global increase in prices, depends on state support of developers and the thoughtful stages of transition to a new scheme.
Should I buy an apartment now or wait for the cancellation of equity construction?
After the entry of the bill into force will grow. Now on the background of reduced mortgage rates and affordable prices, you can have time to buy an apartment at a good price for investing or comfortable life. Site real estate experts will be reduced to a minimum of risks. Choose an apartment from a reliable developer, open and buy housing will remotely help specialists of an independent real estate portal. Services of our experts and managers are free.
Citizens of Russia acquire apartments under the scheme of equity construction 20 years. Participation in equity construction allows you to buy an apartment relatively cheap. At the stage of the housing, housing will cost you 10-20% cheaper than the finished apartment in the new building.
However, together with the possibilities for investing, equity construction carries large risks for the shareholders. During the action of the Law on Share Participation in the construction of the new housing market, many problems are regulated, the central of which is the increase in the number of deceived shareholders.
Ideally, when the developer conscientiously performs its obligations and in the last time transfers an apartment. But sometimes there is also a completely opposite situation - then the ragler does not just get ready-made accommodation on time, and irrevocably loses money. To protect citizens from such situations, it was decided to completely change the mechanism for buying housing in new buildings.
New rules of the game in the new real estate market are designed to exclude the risk of deceiving citizens by developers. At first glance, the initiative is not bad, but not so simple.
Tightening requirements for developers
From July 1, 2018 Requirements for developers tightened legislatively. To reduce the risk of the emergence of long-term and deceit of citizens involved in construction, various measures of both financial and formal measures have been provided.
First, the principle of "One permission is one object" is introduced.
One construction project stands out in one project company. The firm must meet tough criteria - to commission at least 10 thousand square meters real estate for not less than 3 years Work. Thus, one developer is entitled to get permission to build one house.
It is clear that such an approach will allow you to transparently controlling construction, however, at the same time, it will slow down the construction of large, integrated projects. Large developers will be forced to look for new ways out of the situation, and this almost always means the loss of time on bureaucratic formalities.
IN lately It is reported that the government is ready to mitigate this rule and go towards those developers who conduct an integrated development of the territory. The amendments are in the project stage, so it is too early to talk to who among the developers they will actually facilitate life.
Secondly, financial requirements are tougher.
- During the entire construction period, the developer will be obliged to have its own funds in the amount of at least 10% from the price of construction.
- At the time when the developer gets permission to attract the money of shareholders, funds in the authorized bank must be in the amount of at least 10% from the project value of construction.
- The developer will be obliged to transfer contributions in the state in the State Protection 1,2% from the cost of construction.
Thirdly, tighten control financial operations Construction companies. The developer will be obliged to have one account in a certain bank from the list, which will be the Central Bank of the Russian Federation. The possibilities of builders for the inappropriate use of money shareholders will be reduced due to the rigid control over the expenses from banks.
All listed changes are designed to reduce the risks of shareholders. At the same time, it becomes obvious that all financial and temporary losses of the developer caused by amending the law will ultimately be transferred to the shoulders of the construction participant. Simply put, real estate price will increase.
In addition, the construction market itself will suffer a lot of changes. Tightened requirements and increased financial load will force representatives of small businesses to stop their activities. Only large developers will remain on the market.
On the one hand, this is a positive change, because large firm Most often pays to its reputation and conscientiously performs duties. On the other hand, enlargement entails monopolization, and next - establishing high prices for new housing.
When will the shared participation be prohibited?
Shared participation will be canceled gradually. Of course, those projects that arise now will be brought to the end - no one forbides them. However, it is expected that already by 2021. Participation will be a story, and a more progressive and reliable tool for financing construction will come to his replacement. project financing.
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General diagram of a new tool:
- The Bank issues a loan to the construction of the house and opens a special
- Buyers, concluding contracts, transmit their money not to the developer, but to the bank's escrow account, where they are stored until the construction of construction.
- In the process of construction, the Bank controls financial flows Developer.
After passing the object, the money of citizens collected on an escrow account is transmitted to the developer.
Thus, the buyer is protected from the loss of money, because his funds were not spent by developers, and during the entire period of construction were kept in the bank. In the event that the project is not completed, the citizen will be able to return the tools spent.
According to this scheme all construction risks takes on the developer and bank itself.
It should be noted that the use of such a scheme is available today. Mandatory transition to Escro accounts will be with July 1, 2019.
With all its reliability, the scheme will definitely entail the rise in prices for apartments due to the emergence of the mediator (bank) and redistribution of risks.
- By entering into a contract of equity in construction after July 1, 2018, check that the developer meets all new requirements.
- To reduce the risks of equity construction, find the developer that works according to the scheme project financing using an escrow account.
- Be prepared for the rise in the cost of apartments. Property prices in any case will grow up.
The popularity of the purchase of housing at the stage of the pit and the shared participation of citizens in its construction is preserved during recent years. Despite the risk of replenishing the ranks of deceived shareholders, Russians still consider the contract of equity participation - DDU.
Have you planned to become a member of the DDU, but heard the abolition of shares agreements from July 1, 2018? We learned this and what we all wait for all.
The main question is whether shared construction will be canceled in 2018?
Not. All construction projects with DDU prisoners before July 1, 2018 will be implemented on the basis of old rules. It should be noted that the company developers, realizing that change is planned, received permits for the construction of housing in advance. Thus, all developers offering you to become members of the DDU are likely to have permission, and there will be no cancellation of contracts.
What will happen to "perpetrators" after July 1, 2018?
If you decide to become a member of DDU after July 1, 2018, then you need to find out whether the developer managed to coordinate construction along the old scheme until July 1, 2018 (June 30, 2018). If so, then you can conclude DDU since July 2018 and up to 2019. Changes to touch only new housing complexeswho have not issued a building permit until July 1, 2018.
In 2019, DDA is banned?
IN road Map Government of the Russian Federation registered a ban on the conclusion of new contracts after July 1, 2019. Russian President Vladimir Putin on an annual straight line in 2018 confirmed that the new DDUs with housing buyers will not be imprisoned from July 2019.
Nevertheless, according to specialists, developers have about 3-4 years old. For example, new projects may appear on sale in 2020, having permissions received before July 1, 2018. Therefore, they will not be banned. So there will be no sharp and sudden transition from DDU.
And what will happen instead of DDU?
Alternative to DDU in the real estate market will be project financing. In contrast to equity construction, when housing is built on money received from citizens to buy apartments, a bank pays for project financing. The bank gives a loan to the developer. Citizens list payments under the contract not at the expense of a construction company, but to a special account in credit organization (Escrow Account).
Important:
- Housing can also be used at the bottom of the pit.
- The buyer's money will lie on the bank's account until the house is delivered. When non-fulfillment by developer commitment, the money of citizens will be unlocked and they are given to their owners.
How will prices change when canceling permanent?
According to experts, the ban on equity construction can lead to 20% price increase. Appear additional expenses Due to the appearance in the bank chain. For example, interest on target loan, costs for its service, banking supervision and control over construction objects. Also at cost may reflect the costs of servicing special accounts escrow.
In Russia, it is planned to transition to new scheme Acquisition of the housing under construction - project financing will come instead of equity construction. RBC Real Estate explains what a new scheme differs from sales on DD
Russian President Vladimir Putin until December 15 of this year measures for phased replacement of equity construction bank lending and other sources of financing. The transition to the project financing scheme of developers of housing, which should minimize the risk of citizens, will take three years.
This means that in the future, developers will not be able to attract the funds to finance construction. A similar practice of limited participation of individuals in housing construction is valid in many foreign countries and involves financing the construction at the expense of banks.
The main goal of innovations is to solve the problem of deceived shareholders. "Citizens will not risk their own funds, but to acquire already built housing, which can immediately be issued. But at the same time it is necessary to make the price for square meter Not excellent, and banks were ready to give loans under gentle interest, "so in the RBC real estate comments explained the need to change the head of the Ministry of Construction of Russia Mikhail Men.
The editorial office of RBC Real Estate figured out which risks for buyers of new buildings will remove a new financing scheme and how it will affect the housing market in Russia.
Alternative to shared construction
At the moment, about 80% of new buildings in Russia are implemented through the conclusion of shared construction contracts (DD). This scheme suggests that the construction of housing is carried out on the means of degrees - individuals who, in fact, share all risks with the developer.
Today there are three sources of financing of any construction project: the means of shareholders, banking (project) financing and its own means of developers. " Own funds Developer make up from 20% to 40% of the total volume capital investmentsrequired for construction [separate residential complex], Preligitors' means are about 50%. The rest is borrowed funds from credit institutions (project financing, no more than 50%), "says the deputy general Director Concern "Croste" Marina Lelubelskaya. But in practice, the developer chooses no more than 30% of the dedicated credit Limita For the project, and sales of future meters on DDA will start from the start of construction, complements the partner of the International Consulting Company Colliers International Vladimir Sergunin.
Project financing, which is planned to be fully planned after three years, assumes that the construction will be more funded to the bank. At the same time, specific schemes and conditions for the interaction of banks, developers and buyers of new buildings have not yet been voiced. On the developed real estate markets (see Creed below) With this scheme, the Bank invests in the implementation of residential projects, which and advocate debt obligations, and the return funds of the credit institution occurs not at the expense of developer assets, and at the expense of cash streamsFormulated by the new project. In other words, the construction of the house is carried out on the money of the bank. At the same time, project financing does not mean lending: project financing rates can be much lower than on current loans for builders.
"The new scheme will take the risk for citizens to lose their investments in the housing under construction, without receiving an apartment as a result. For developers, the mechanism of attracting funds for construction will be simplified (instead of numerous individuals it will be one or two banks and a limited number of professional investors). In addition, the risks of the inconsistency of the volume of attracted financing by the stages of construction will be removed - funding will be carried out within the approved volume as needed, "said Mikhail Men.
Bank financing scheme residential construction Reduces risks and for the state - minimizes the "probability of the emergence of budget support of the industry", added the Minister. This means that at home in case of non-fulfillment of obligations, builders will be worthwhile at the expense of the state budget, but on the money of banks that financed the project, or insurance companies.
How will go to the new scheme
The first stage of the transition from equity construction to project financing was the emergence of the Protection Rights Fund, in the Ministry of Economy. The second stage will be the entry into force on July 1, 2018, the norms of 218-FZ, which implies changes to legislation on equity construction. Also at this stage it is planned to create unified system Control over equity construction in the regions.
At the next stage as a whole, it will be evaluated how banks will be to finance the construction of housing. "If in this area it justifies itself, then in the future, taking into account the competent risk assessment and reducing the cost of credit resources, it will enable the phased substitution of equity construction for project financing, taking into account the availability of housing," RBC real estate told Mikhail Men .
The head of the Minister noted that the investments of individuals in housing construction make up about 3.5 trillion rubles. at this moment. "First of all, we must receive an answer from the banking sector: for what time and at what price of money banks will be able to replace these 3.5 trillion rubles. By the forces of Lie banking system Such a volume of financing? And if so, for what period? It is necessary to calculate before switching to a more civilized relation when the construction of housing is financed by non-citizens, but by banks, "the head of the minister commented.
Shared construction in Russia
Today, about 80% of the housing erected in Russia is funded at the expense of participants in equity construction - 214-ФЗ. About 1.1 million existing DDUs are registered throughout the country for the third quarter of 2017. According to the Bank of Russia, the debt of citizens in the mortgage taken secured by DDU, is about 1 trillion rubles, and taking into account the funds of the first contribution this amount increases to 1.5 trillion rubles.
Another 20% - mainly the implementation of apartments in finished houses preliminary contracts Purchase and sale, the issuance of housing certificates is also found (extremely rare) or the scheme of housing and construction cooperatives, which have not yet managed to completely go from the market.
Fears of developers
In general, the developers and real estate surveyed by the editorial board "RBC Real Estate" agree with the position of the authorities that project financing will remove all risks for buyers and the state in terms of the emergence of new deceived shareholders. At the same time, some real estate market players that the transition to a new scheme will increase the cost of housing, including due to expensive loans for developers.
Special difficulties and obstacles to the transition to project financing does not see the President of the Basis Group and former head "Morton" Alexander Ruch. According to him, today the market for such a scheme works, and quite successfully - without the rise in price of construction and rising prices. "We, for example, we implement a project in the Moscow region with the involvement of project financing of Sberbank of Russia. Yes, while attracting money for real estates, but they do not have the impact on the financing of the construction, and we are not dependent on them, "says streams. In his opinion, small companies that do not have the stock of sustainability will lose the opportunity to attract money from banks and may come from the market.
Theoretically, share financing can be replaced by the project, Marina Lubelskaya believes, but notes the condition: effective bid Such project financing should be equal to the size of inflation plus a fair remuneration. Thus, if inflation is 4% per annum, then with the remuneration for risk, the final rate should be not more than 8%. "This rate will allow, retaining the current level of prices on the market for end users, replace a significant share of projects with the involvement of real estate funds with project financing without loss for the margin of the developer," she explains.
In order to avoid rising prices, according to Natalia Shatalina, it is necessary to launch the project funding for project financing program, within which the developers will be able to receive loans at more affordable rates. The main reasons for the possible increase in housing prices Natalia Shatalina calls the absence of the ability to purchase issues of more than affordable prices - For example, at the initial stage of construction, you can buy an apartment by 25-30% cheaper than in the finished house. If we consider only finished housesThis can be assumed to rise in prices up to 10% based on existing loan rates for developers, it predicts.
At the same time, according to the head to work with the key partners of the EST-A-TET Roman Rodionsev, a sharp jump in prices is not exactly expected in the event of a refusal of equity construction, nor for any reason. The expert explains that quarterly on the capital market comes a large amount of new proposal at low prices, which holds back the total level of value of the proposal in new buildings. "Even if new projects have already come out with project financing, the market will remain at the market of housing, implemented under shared contracts. For the implementation of only those 3.4 million square meters. The housing, which are now offered in new buildings, will need at least four years at the current pace of sales, "the Rodionov will summarize.
In the future, an individual approach to definition will probably continue interest rateSince all projects have different attractiveness and different risks, predicted in the press service of the Ministry of East. A professional developer will be beneficial to work on the project financing model, because the mechanism of attracting funds for construction both procedurally and in terms of the guaranteed inflow of funds for construction from an investor is considered in the construction ministry.
How to sell housing abroad
In Western Europe, project financing is used as a basic scheme for attracting funds for construction. The construction of housing is conducted on borrowed funds, and the money of buyers come to special equation accounts of banks, which are revealed only after entering the facilities, and only then the developer receives a profit.
In Germany, there are construction savings cash regulations - the future buyer of real estate is first investing cash in savings offices, and after a few years it can arrange housing loan For the purchase of housing. Funds from the accounts of savings cash desks can be directed exclusively for the construction of houses.
In the UK, residential real estate is sold under the following principle: during the construction cycle, the developer itself finances the construction and can afford to take a prepayment of up to 5% per apartment, the rest - the own and borrowed funds of the Developer or Investor. Full payment It receives when entering the object to operation, and in most cases objects are rented with decoration. The cost of project financing for developers does not exceed 5-6%, and the cost of mortgage loans is 1.5-3%.
In Israel, the share financing scheme is distributed in time: 10% of the cost of the apartment, the priceer gives at the stage of issuing permits for construction, the following part - at the time of the exit of the object from the Earth, the remaining part - upon completion of all works. That is, payment of the shareholder is tied to the construction readiness of the object.