"Development will be a thing of the past." Since July, developers will not be able to build customers with money

From July 1, 2019, new amendments to the law on shared construction have come into force - at the end of December, the relevant law was signed by President Vladimir Putin. It is assumed that these measures will protect the money of people who bought an apartment in a not yet built house. We figure out what will change, whether the risk of becoming a deceived equity will decrease and whether this will lead to a rise in the cost of real estate.

How now?

Now in Russia, according to the Minister of Construction and Housing and Public Utilities, Vladimir Yakushev, more than 34 thousand people are listed in the federal register of deceived equity holders. At the same time, people still prefer to buy apartments in unfinished houses-so cheaper by about 30-40%. And many again and again are faced with the problem that housing is unfinished, and the funds have already gone somewhere.

To protect people from this, on July 1, 2018, the authorities amended the 214 federal law regulating shared construction.

First of all, the requirements for developers were tightened. Only those companies that have at least three years of experience in construction, permission to enter at least ten thousand square meters and at least 10% of their own funds in the account can build and sell housing.

The amendments also provide that developers will have to take a loan for construction at the bank. Buyers will put their money in a special bank account-escrow account. The developer can withdraw this money only when he rents out the house.

It was planned that from July 1, 2018 to June 31, 2019 there will be a transition period. At this time, the developer could use both the old scheme-to collect money from equity holders and build housing for them-and new from escrow accounts.

Many developers decided that they did not want to contact escrow accounts and loans in the near future. They found a solution - they issued ten times more construction permits. If for the whole of 2017 in Russia, 45.9 million square meters of housing in apartment buildings were rented out in Russia, then by July 1, 2018, developers received permits for the construction of 130 million square meters. So they could work without escrow accounts for another two or three years.

After these amendments entered into force, they began to talk about the problems that they will result in: 15% of the developers will leave the market, and the remaining raises housing prices. Analysts warned of a single increase in prices by 1-5%.

What will change since July 1, 2019?

In order not to allow developers to use the old scheme, amendments were again made to the law. The transition period in which could be built with the money of equity holders and the funds taken on credit were canceled.

All construction projects, both new and already launched, will have to switch to a new scheme. That is, from July 1, 2019, developers will not have access to the money of equity holders, and they will have to take a loan for construction.

Developers assure that due to the abolition of the transition period, housing prices will increase from 5 to 20 %. They say that they have issued so many permits to ensure a smooth transition to a new system and prevent a strong rise in price of housing. They would sell apartments, receive money from equity holders and thus could gradually increase the cost of housing when switching to a system with escrow accounts.

There will be other changes. To build housing with the help of equity holders, the developer must rent not ten, but five thousand square meters of housing. The equity holders, in the case of bankruptcy of the developer, will be able to achieve not only residential premises, but also non -residential. So far, only compensation has been relied by compensation.

And what about the equity holders?

Interior holders are in no hurry to rejoice at such innovations. “People, in fact, do not protect themselves. They will simply give money not to developers, but to banks. Money will lie for several years without interest. If the developer went bankrupt, and the money on escrow accounts lay, for example, ten years, then the bank would return them without interest. During this time, they, of course, will lose their value, ”said Sergey Verbitsky, head of the Union of Blunts of the Blunts of Russia.

Tighten the requirements for developers, according to him, will lead to the fact that they will no longer sell unfinished houses. Small developers will not be able to use the money of apartment buyers - they will not go according to criteria. And large developers, according to Sergey, do not need to take a loan. “There will be only finished housing, and shared construction will be a thing of the past.”