When moving to an escrow, administrative procedures will simplify
The Ministry of Construction of Russia will simplify the obtaining of building permits after the transition to escrow accounts. Such a statement was made by the deputy head of the ministry Nikita Stasishin. Earlier, Russian President Vladimir Putin, as well as Construction Minister Vladimir Yakushev, spoke in favor of such a decision.
“We saw that there could be several houses in one building permit, and in order to provide security for obtaining project financing for a new house, the developer would have to change permits and transfer such houses to an SPV from the parent company. In order not to start the developer again on a bureaucratic machine, we need to make the procedures simplified and within shorter periods, ”said Deputy Minister Nikita Stasishin.
Minstroy proposes to abolish the need to obtain in the supervisory authority a statement on compliance for raising funds from citizens for those developers who switch to escrow accounts. According to Stasishin, this will make the new format of work more attractive for developers: “This will shorten the time to reach the site and will ensure maximum interest among developers to use escrow accounts.
As practice shows, the less we will send developers to interact with regulatory authorities, the more efficiently they will build, the less they will incur costs. ”
Minister Vladimir Yakushev, in turn, said that after switching to escrow, the procedures associated with control over shared construction should be canceled. If the developer conducts sales using escrow accounts, the control functions associated with the financial condition should be canceled. “Because project financing is already a relationship between the bank and the developer. Why else should the controlling state bodies go there? ”The official explained his position.
Amendments that simplify obtaining permits for the construction of housing using escrow accounts will be prepared by July 1. President Vladimir Putin gave the relevant instructions to Prime Minister Dmitry Medvedev and the head of the Central Bank Elvira Nabiullina.
Let us recall the essence of the escrow mechanism: the co-investors’ money will not flow to the developer, but to the intermediary – to the bank. He will pay them only after the fulfillment of obligations by the developer, that is, the transfer of apartments to buyers. Construction will be financed by loans. The procedure will become mandatory after July 1, 2019. It is assumed that it will nullify the emergence of new defrauded co-investors – all transactions will be guaranteed by the Deposit Insurance Agency to the extent of 10 million rubles for the object. In the event that the developer does not fulfill his obligations, the buyer will receive back the entire amount invested.
Banks are ready for escrow
Meanwhile, Moscow development companies are gradually moving to project financing. As told to “Moscow Perspective” in the Main Directorate of the Central Bank of Russia in the Central Federal District, 255 applications were received from developers of the Moscow region for the sale of construction objects using escrow accounts. As of April 22, the construction companies of Moscow have submitted 132 applications, the developers of the Moscow region – 123.
In Russia as a whole, there are already more than a thousand of such applications, Deputy Chairman of the Central Bank Olga Polyakova told the State Duma on May 16.
“To date, almost 1.2 thousand applications have been filed by developers. True, this is not a very big figure in the total volume – only 10 thousand projects are being implemented now, ”Polyakova said. – The banking system for the most part in the part of authorized banks is ready. And escrow accounts are already being opened, credit agreements are being concluded. Statistics show that contracts have already been concluded for 53 billion. ”
At the same time, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, suggests considering the possibility of subsidizing mortgage rates to maintain demand for housing during the transition to project financing.
“The government decided in 2015 to allocate 20 billion rubles to subsidize interest rates. Due to this, real mortgage loans were issued in the amount of about 1 trillion rubles. It is clear that this is a temporary measure, but I would suggest that the government and the Central Bank also consider such a measure as a temporary one for the transition period, now we are switching to escrow accounts for project financing in housing construction, ”the deputy noted.
At the same time, the transition to escrow accounts will not be mandatory for everyone. In late April, Prime Minister Dmitry Medvedev allowed in some cases to finish building housing without escrow accounts. Construction companies are given the opportunity to finish building houses without escrow accounts, provided that the buildings are ready for at least 30%, and 10% of apartments in them will already be sold under equity agreements.
Source: “Moscovskaya Perspektiva”