What to expect after the abolition of the law on shared construction? Offers of the month New law on developers

Refusal from shared construction may occur as early as this year instead of July 1, 2019, and the sale of apartments in houses under construction will be completely banned in 2020.

Such conclusions can be drawn based on the information that ended up in the hands of the business press after President Vladimir Putin's meeting with government officials and developers.

The tightening of the position of the authorities is aimed at protecting citizens from unscrupulous developers. However, professional market participants themselves say that the measure could lead to an increase in real estate prices and oligopolization of the construction market.

The vast majority of new buildings in Russia (about 80%) are sold through shared construction agreements (DDU), under which real estate is being built at the expense of investors (shareholders). Since such a scheme carries risks for citizens to lose money and be left without housing, joining the ranks of "deceived equity holders", the authorities decided to change the rules of the game and exclude a large number of investors from the construction project. According to various estimates, the number of buyers, the terms of share contracts with which were not fulfilled, exceeded 100 thousand people across the country, which could not but alert both federal and regional authorities.

The decision to abandon shared construction was made back in 2017, but in order to minimize the risks of a collapse in the market, the process of transition to project financing of the sector was extended for three years. During this time, developers had to learn how to function in the new realities of project financing, master all the nuances of interaction with banks and completely "leave" the funds of citizens and acquire their own capital.

According to the adopted amendments to the law on shared construction N 214-FZ, from July 1, 2019, developers will receive funds for sold apartments only after the housing is handed over to buyers. Until that moment, clients' money will be kept in special bank accounts, inaccessible either to the "builder" or to future homeowners. Wherein sum insured, in case of problems, compensated from the Deposit Insurance Fund, is limited to 10 million rubles.

According to the press, at the meeting with the head of state, the developers tried to achieve concessions, but everything turned out exactly the opposite: they will have to hurry with the rejection of shared construction, since the situation on the market is becoming critical.

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Oil on the fire was added by the troubled company Urban Group, in the event of bankruptcy of which the list of affected equity holders will increase by 16 thousand people. At the moment, the company, which has liabilities for 80 billion rubles, announced the termination of real estate sales. The developer was on the verge of bankruptcy due to gross errors and violations in the company's management system. According to media reports, we are talking about the withdrawal of funds through shadow schemes.

“In a shrinking market, where the solvency of buyers is declining, many decisions have to be made faster,” she explained in an interview with Tsargrad. Director of Research at "Market Information" LLC Svetlana Podchalina. “In general, we can say that the situation in the construction market is similar to what happened in the banking sector.”

But the problem of deceived equity holders has always been a priority, and during the pre-election period, the attention of the government to it has increased even more, analysts of VTB Capital point out in their commentary. At the same time, the company noted that the introduced rules, in particular the ban on receiving payments for apartments before construction is completed and the tightening of requirements for the construction company, significantly changes the "economic basis for the sector's operations."

Only two financing schemes will be available for developers at the moment: own cash and credit. According to Mrs. Podchalina, it must be taken into account that few developers build at their own expense.

"If developers had to finance the construction only from their own or credit funds, its cost would increase by about 20%," indicate, in turn, analysts "VTB Capital" . In their opinion, the new rules of the game provide a competitive advantage for large developers "having established ties with banks, and create the prerequisites for large-scale consolidation of the sector."

Experts are sure that the decision of the authorities will cause serious problems for developers and even bankruptcy in the market. First of all, we are talking about small companies. Further oligopolization of the market will affect not only the cost of new buildings, but also the quality of housing being built. Oligopoly eliminates competition, analysts say.

"Small developers are very likely to leave the market, as they will not be able to play by the new rules, primarily due to the lack of funds for construction," says S. Podchalina . - At the same time, banks, in principle, are very reluctant to lend even large and long-term successful history the existence of developers, small developers - even more so."

The rise in prices for new housing is contrary to the goals set by the President of Russia in the new May decree, said in an interview with BFM board member of Opora Rossii Dmitry Kotrovsky . One of the tasks within the framework of improving the lives of citizens is the emergence of 40 million square meters of affordable housing being commissioned so that 5 million citizens can improve their living conditions. "This absolutely does not correlate with each other," he argues.

According to the expert, only a major player will be able to determine the marginality that will ultimately allow to form the final cost of the product. "To keep up with such an opportunity for other market participants, especially those who work in the regions, I do not imagine it possible," concluded mister Kotrovsky .

True, the consumer will not feel all these negative phenomena immediately, for some time the market will exist by inertia.

"In 2018-2020, most likely, there will be an overstocking of the market, as many developers tried to start construction of projects under development according to the old scheme," predicts S. Podchalina. - At the same time, the required volume of demand from buyers is not observed. First of all, such overstocking will affect Moscow and the Moscow region.

According to her, as a result, in the next year and a half, housing prices will not rise.

"In the current situation, it is very difficult to plan even two years, because the market will change, its terrain and landscape will change," the expert believes. "What we get in the future will depend on how it changes and how stable it remains." .

So far, there are no prerequisites for price growth, and first of all, because there are no prerequisites for the growth of domestic effective demand. As Tsargrad has already reported, while an external audit is underway in the problematic Urban Group, experts are guessing who will pick up the "orphaned" projects. Among those to whom the developer turned for help are Ingrad, PIK and Granel.

However, in expert community express doubts about the interest of developers in saving the Urban Group. In the absence of demand, the market positions are shaky, and those who want to take on new risks in conditions of instability are at a minimum.

Hearings on amendments to the law on shared construction were held in the State Duma. The deputies proposed a number of measures to encourage developers to quickly abandon sales under the DDU

Photo: Evgeny Razumny / Vedomosti / TASS

From July 1, 2019, Russia will completely abandon the existing system of raising money from citizens in housing construction. Such a transitional period from shared construction to project financing, President Vladimir Putin during a direct line on June 7. At the end of May, Deputy Prime Minister for Construction and Regional Policy Vitaly Mutko said that a phased transition to project financing will take place by 2020-2021.

To solve the problems of deceived equity holders, Russia must go to "civilized methods of housing construction without attracting citizens' funds" and abandon equity participation agreements (DDU), the president emphasized. A civilized way is to attract bank loans for construction and use escrow accounts, where the money of equity holders is kept until the construction of the house is completed. With this money, the developer will be able to open a credit line at the bank and use the funds only to finance construction.

Hearings in the State Duma

On June 7, the State Duma held hearings on amendments to the law on shared construction. Deputies, representatives of the Ministry of Construction of Russia, developers, banks and public organizations took part in the hearings.

Chairman of the State Duma Committee on Natural Resources, Property and Land Relations Nikolai Nikolaev announced the need to increase the role of the state in construction and control over it. State Duma deputy Vladimir Zhirinovsky also spoke about the need to transfer the functions of control over the construction and sales of housing to the state. According to him, citizens should receive only finished housing.

“The share construction market must be transparent, for this it is necessary to move away from the boiler method of construction. We need to stop shared construction today, otherwise the pyramid will continue to grow and someday collapse, ”said Vladimir Yakushev, Minister of Construction and Housing and Public Utilities of Russia, at the hearing.

Not all developers will remain on the construction market after the tightening of requirements for them and the transition to a new housing financing scheme, the market will be cleared, says the head of the National Association of Housing Developers (NOZA) Kirill Kholopik. “Adventurers who built at random, without calculating the financial model, will leave, as they will not be able to pass the project evaluation in the bank. Also, non-professional companies, of which there are many, will leave the market. The transition to project financing of housing construction in Russia may lead to a temporary drop in the commissioning of housing in Russia,” the expert is convinced.

Problems of equity holders

“In total, we have over 1.1 million shared construction contracts in the country, and the amount of money that is there is 3.4 trillion rubles. These are huge funds, and developers do not always use them effectively,” Vladimir Putin said during a direct line.

The number of troubled houses, where construction is now stopped, is growing in Russia. “If on January 1, 2018 there were 836 such objects, or 1,101 houses, now there are already 842 objects, or 1,261 houses,” Yakushev said. In these residential complexes by equity holders who are included in the register of victims. The growth occurs despite the fact that some of the houses are being completed: since the beginning of the year, 67 long-term construction projects have been commissioned, and compensatory measures have been taken for 15 of them, he stressed.

Novels of legislators

The government and legislators have prepared two large groups of amendments to the second reading of the law on shared construction. They concern both restrictions for developers during the transition period and issues of banking support for construction, Yakushev explained. Amendments to the legislation will be finally adopted on June 27, he specified.

A number of amendments are already in the second reading. However, at the hearings, novelties were also announced, which the deputies will consider in the relevant committees. From July 1, 2018, developers can use escrow accounts on a voluntary basis, and from July 1, 2019, it is mandatory for all projects for which the contract was concluded after the creation of the Fund for the Protection of Shareholders' Rights.

The legislators also proposed a significant increase in fees from developers to the Fund for the Protection of Shareholders (compensation fund), which should ensure the completion of housing in the event of bankruptcy of the developer. Now the tariff is 1.2% of the cost of each DDU. From October 1, deductions will increase to 3%, and from January 1 - up to 6%, Nikolai Nikolaev said. In his opinion, this will become a method of economic incentives for developers to switch to escrow accounts. The fund will operate until June 1, 2019.

The deputies also proposed to insure the funds of equity holders on escrow accounts with the Deposit Insurance Association (DIA), similar to bank deposits. The so-called fireproof amount will be 10 million rubles. It is also proposed that one current account should be opened for each building permit, so that the expenditure and transfer of money for construction become completely transparent, Nikolaev explained. The money of equity holders from special accounts will be transferred to the developer after the keys are issued to the equity holder, before that he can use his own and borrowed funds, the deputy added.

Legislators also proposed to reduce the regulatory burden of developers who switched to escrow accounts. It is proposed to prohibit the developer from conducting operations that are not related to the implementation of housing construction projects. The deputies insist on tightening the requirements for developers: the delay in commissioning an object for three months or more may be the reason for refusing to issue a conclusion on the conformity of the developer.

The easing of requirements provided for in the amendments will help make the transition smoother, said developers and realtors. “At the moment, it is much more important for representatives of the construction industry, the banking sector and market regulators to develop a common understanding of how and under what conditions credit lines will be opened, whether the rate on loans for construction will be reduced or the general market,” commented the Director of Marketing and Product Development GK "A101" Dmitry Tsvetov.

The smooth cancellation of shared construction will not be painless for the market, and a radical one is completely risky, Dmitry Skvortsov, deputy chairman of the board of directors for legal issues of the NDV Group, believes. In his opinion, potential buyers are waiting for an increase in the cost of housing by an average of a quarter, and developers - inevitable bankruptcies. “If the bank decides whether the developer will stay afloat or not, then those who do not receive full financing for their project will be forced to leave the business. As a result, the number of capital developers can be reduced to a couple of dozen, if not even to a few, ”Skvortsov believes.

What has already been adopted for the second reading

The most significant change is that from July 1, 2018, banking support for housing construction is introduced, which also applies to those new buildings that are already under construction. Developers will not be able to receive money directly from buyers. They will be transferred to the current account of the developer in the authorized by the Central Bank credit institution. Direct sales will be possible only in commissioned houses.

Requirements are established for the size of the developer's own funds and his funds placed on an account with an authorized bank (at least 10% of the project cost of the shared construction object), follows from the document. The list of operations for which the buyers' funds received on the account can be spent will be determined by a special act of the government on the procedure for banking support.

The government has facilitated the conditions for attracting funds from equity holders for developers of complex projects for the development of the territory. From July 1, developers will be given the opportunity to raise funds from equity holders for the construction of houses under several permits at once if the construction is on one site or within the boundaries of the territory of integrated development, the document states.

It is assumed that developers who have concluded an agreement on the development of a built-up area, an agreement on the integrated development or development of the territory before January 1, 2018, will be able to complete construction without taking into account the requirements that come into force on July 1. The amendments will create conditions for ensuring the stability of the housing construction market, follows from the document.

Developers are invited to grant the right to attract target loans from the parent company for the construction of apartment buildings and other real estate in the amount of not more than 20% of the design cost of construction of facilities for each issued building permit at a rate not exceeding the date of conclusion of the contract target loan key rate Bank of Russia, increased by 2 p.p.

Andrey Komissarov Head of the Bar Association "Komissarov and partners":

Now developers will be prohibited from attracting funds from equity holders directly, and banks will finance the facilities under construction. On December 21, 2017, Prime Minister Dmitry Medvedev approved a roadmap for the transition from shared housing construction to project financing, developed jointly by the Ministry of Construction, the Ministry of Finance, AHML and the Bank of Russia on behalf of President Vladimir Putin. The program of activities is planned to be implemented until 2021.

Authorities explain the innovation by the need to finally solve the problem of deceived equity holders: despite the tightening of requirements for developers under 214-FZ, facilities under construction continue to be “frozen”, and investor funds are used for other purposes. The statistics of the Prosecutor General's Office of violations in the field of shared construction are disappointing: the number of registered crimes from 2016 to 2017 increased by 20%: from 511 to 634 precedents.

What is the essence of the changes?

Unlike shared construction, in which the developer attracts “free” funds from citizens, project financing involves the provision of bank loans. In the "developer-buyer" scheme, an intermediate link will appear - a bank that will accumulate invested money in accounts, manage financial flows, and control the developer's activities until the completion of the construction of the facility.

The risks of the buyer are shifted to the financial institution. In the event of a delay in construction or bankruptcy of the developer, the money invested will be returned to the investor, and the facility may be transferred to a more reliable developer.

The very opportunity to place money from equity holders on escrow accounts has been provided to developers since July 1, 2017 (Article 15.4–15.5 No. 214-FZ). Within 3 years, the developer will have a choice - to use a new method of financing or enter into equity participation agreements. It is assumed that after 2021 the condition will become mandatory - the equity holders will not pay the developer directly, the funds will be deposited by banks until the facility is put into operation, and the construction will be carried out at the expense of personal funds construction companies and money received from banks, including targeted loans.

The plan of the Ministry of Construction will be implemented gradually - in several stages. In 2018, it is planned to develop laws and by-laws aimed at regulating the introduction of project financing mechanisms. Amendments will be made to the law on registration of real estate, on deposit insurance individuals, bankruptcy law and tax code, regulations of the Central Bank. First, the innovation will be “tested” on voluntary program participants, and the “point of no return” for the shared construction reform, or its actual replacement with project financing, according to the plan, will be July 1, 2019.

How the changes will affect market participants

The upcoming reform in the field of shared construction has excited market participants. Innovations are skeptical not only developers, burnt real estate investors fear that there will be pitfalls. An anonymous survey was conducted on the RIA Real Estate website in order to identify public sentiment. Only a fifth of those who voted fully support the ban on shared construction, 50% of respondents are categorical, another 24% are concerned about a possible jump in housing prices.

Developers may not understand the meaning of a radical innovation against the backdrop of a series of tightening changes already introduced to the law on DDU recent years. Indeed, since July 1, 2017, the requirements for developers have become stricter: even now, in a number of cases, the developer cannot accept money from equity holders. In particular, if it is in the register of unscrupulous developers, is in the process of liquidation or bankruptcy, has debts in taxes and fees over 25% book value assets. Significantly increased the size of the authorized capital from 10,000 rubles to tens of millions, depending on the volume of construction. A unified register of developers and a special fund for the protection of the rights of participants in shared construction appeared. If, under the current conditions, developers are deprived of interest-free investments by equity holders, only large financially stable construction organizations will remain on the market, which previously fulfilled their obligations to equity holders in good faith. The Central Bank can provide a chance for small and medium-sized companies to stay on the market if it offers acceptable rates on long-term loans, for example, in the region of 5-6%.

The main concern of buyers is the increase in prices for apartments in new buildings. The consequence of the prohibition of shared construction of real estate will be the loss of the advantage of an advance purchase, when at the stage of excavation it is possible to purchase housing for 20–30% cheaper than the final market value. In addition, the developers will be forced to transfer the costs associated with the new financing procedure to the shoulders of the buyer, including the costs in the cost of housing. On the other hand, banks bear all the risks and the buyer does not risk anything.

Lending institutions only benefit from the new rules - by increasing the volume of lending.

Perhaps, in order to prevent massive bankruptcies of construction organizations and rising housing prices, the legislator will pay attention to foreign experience and provide for the possibility for developers to receive money in installments from escrow accounts as they complete construction works, and interest on loans will allow to pay after the commissioning of the facility.

A buyer who wants to invest in shared construction should better hurry up and do it before the reform. Those who have already signed an equity participation agreement will not be affected by the changes, since the law has no retroactive effect.

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Construction organizations will be able to receive money from equity holders for the apartments they have bought only after the houses are handed over. As of July 1, amendments to the federal law"On participation in shared construction...". The main change in it is the appearance of escrow accounts. On them, banks will keep the money received from the sale of apartments until the end of construction. And give builders interest-bearing loans for a specific house project.

Thus, the buyer of the apartment concludes an agreement with the developer for the purchase of an apartment in a new building.

"This agreement will be registered with Rosreestr," Nikolay Alekseenko explained the new system, CEO Rating agency of the construction complex. “At the same time, the funds will not go to the developer, but will be placed in the bank on a special account.”

The developer will receive them only after the completion of construction. So the funds of equity holders will be protected from embezzlement. It is assumed that with the transition to a new financial model, developers will invest more of their own funds in construction. Their minimum volume is prescribed by the new law. Developers are required to reserve 10 percent of their own funds before construction begins. This may be the profit received from the implementation of already implemented projects.

And the more funds the developer invests in the business, the less bank loans he will need. The cheaper, which means that his apartments on the market will be more competitive.

It is borrowed money that will then become the main source of financing after the abandonment of shared construction in Russia.

So that money during construction is not diverted to other purposes, a ban has been established on conducting projects not related to housing construction, the introduction of mandatory banking support for projects and tightening control over the spending of funds by the developer.

Not all developers will immediately switch to escrow accounts from July 1. Without fail, this mechanism is introduced for those objects for which an agreement on participation in shared construction with the first shareholder will be submitted for state registration after July 1, 2019.

Features of the application of legislation experts "RG" under the heading "Legal advice". You can ask them questions

"Escrow accounts will remain a rarity in the near future," said Maria Litinetskaya, managing partner of Metrium. In addition, due to the large number of projects that have already been put on the market, buyers will be able to find an apartment that can be bought without using escrow accounts for at least another two years, says Alexander Khrustalev, head of NDV Group.

Another thing is that for the buyer of an escrow account it is just more profitable than the current shared construction procedure. Market participants say that the new financial scheme guarantees buyers unprecedented security of transactions in the real estate market with housing under construction. In fact, several insurance mechanisms are provided at once, which are launched depending on the situation that has arisen.

“If the bank has problems, for example, the revocation of a license, the DIA guarantees the shareholders the return of amounts up to 10 million rubles,” says Nikolay Alekseenko. “If the developer cannot complete the construction, the money will be returned to the buyer or the bank will accredit a new developer complete the project."

The changes will not only guarantee a refund, but also speed up this process. Until the end of the year, changes related to the procedure for the bankruptcy of developers may be made.

"The procedure for withdrawing an object for completion will be accelerated," Alexander Khrustalev notes. Now bankruptcy can last for several years, people do not receive their money, unfinished buildings are not transferred to new construction organizations for completion. The new mechanism could ensure the return of funds or the transfer of houses to new construction organizations within three to five months, Khrustalev believes.

In addition, the State Duma adopted amendments that will make it possible to get away from the "boiler" principle in construction. It is one of the main reasons for the appearance of long-term construction and will prevent the misuse of funds construction organizations which will contribute to their financial stability. The norm "one building permit - one company" has also undergone a change. Developers can now use multiple building permits if the properties being sold are part of the same project.

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 said.

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 are a much more expensive resource than the money of equity holders, ”says the general director of the Ingrad development company.

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 can lead to the fact that up to 90% of developers can leave the market at the regional level.

“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 have 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 are applied to developers, 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 maximum area all shared construction projects.

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 its authorized capital should be at least 1.5 billion rubles.

In addition, this summer, the president signed into law a law on the Fund for the Protection of the Rights of Shareholders (Compensation Fund), which establishes a single contribution rate for developers - 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 more long term- 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.

The fact that the cost of housing will grow and other market participants are sure. 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 newly commissioned buildings 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 have provided roadmaps for solving the problems of almost 40,000 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.