Head of Moskomstroyinvest on the transition to escrow accounts, investments in the social sphere and apartments

07.08.2019

Moskomstroyinvest oversees a wide range of issues in the urban development sphere of the capital. Therefore, questions to its leader Anastasia Pyatova touched on a variety of topics – investments, shared construction, the activities of the state mining complex, the development of industrial zones

But the beginning of the conversation was connected with a positive fact for Moskomstroyinvest: federal officials and business at the recent MUF 2019 praised the role played by the agency during the transition of the market to work under the new rules.

– Anastasia Nikolaevna, how do you assess the work done by the committee during the transition of the industry to the new system? Business believes that it is now important to amend the law regarding the phased opening of bank accounts to finance construction projects. What is your opinion on this?

– The transition to project financing is an event of the year in the construction industry. And Moskomstroyinvest, of course, takes the most active position: at the preparatory stage we participated in the discussion of the reform, we discussed this topic with the Ministry of Construction, banks, and real estate developers.

The committee did a great deal of preparatory work, thanks to which Moscow developers quickly adapted to new conditions and requirements. Our experts met with each of the developers who attract funds from the population. And each of their projects was considered by us individually to understand whether it remains in the old scheme or if the developer will implement it in the framework of bank financing.

For those developers who remained to work in the old format, we organized seminars that lasted two weeks. During these events, they told how to get conclusions about meeting the criteria that allow to complete the building without escrow accounts. 150 specialists from various companies were trained and consulted. We created a special section on the website of Moskomstroyinvest, where we placed detailed background information, a video of the seminar, and the necessary forms of documents.

As for the initiative with the phased opening of escrow accounts, it was intensively discussed at various levels. Developers in this way would receive money as the property is ready, this would reduce their costs. But there are subtleties. First, the bank as an escrow agent cannot independently confirm the interim readiness at home. It is necessary to attract construction supervision specialists. Secondly, a situation is possible where the developer will receive a portion of the funds, but due to various circumstances will not be able to fulfill its obligations. These mechanisms need to be worked out in detail.

– The most problematic area of ​​the committee’s activity is equity holders. In your opinion, can the city solve this problem completely? And in what time frame can this happen?

– Of course he can. And one of the main tasks of the Moscow government, and in particular Moskomstroyinvest, is to transfer the keys to apartments to all real estate investors as soon as possible. A lot of work is being done for this, the mayor makes unprecedented decisions that allow us to start the process of completing problem objects. Take, for example, one of the most complex long-term construction projects in Moscow – Tsaritsyno residential complex, the construction of which began in 2006. Sergei Sobyanin decided to complete the project with the help of the city developer at the expense of the Moscow budget. And today the construction of five buildings of the first stage is completely completed. A final check was carried out at houses No. 5.2 and No. 12, JSC Mosotdelstroy No. 1 signed an act. According to Nos. 3, 4, 11, the city developer submitted an application for a final inspection. In general, before the end of this year, Mosotdelstroy No. 1 plans to commission all the facilities of the first stage of Tsaritsyno residential complex. This means that another 1210 interest holders with their families will be able to move to their apartments.

 

In the second stage, work is also being carried out at an accelerated pace. It is planned to completely commission the object in the first quarter of 2021.

Recently, Mosotdelstroy No. 1 received a grant in the amount of 504 million rubles allocated from the city budget for the implementation of measures to restore the violated rights of citizens of Marushkino residential complex. And this is only the first tranche. The final cost of completion of construction will be determined by the results of state examination of design and estimate documentation.

Similar decisions were made on several other problematic objects. This is the Terletsky Park LCD on Novogireevskaya, the Akadem Palace LCD on Vernadsky Avenue, the Legenda LCD in Troitsk, the Voskresenskoye LCD in Voskresenskoye. These are objects on the streets of Malygin, Tekstilshchikov in Troitsk, in the village of Kokoshkino on Truda Street, 8.

Although, due to procedural issues, the transfer of an object to a new developer is often not fast enough. To speed up the process, a contract is concluded to fulfill the functions of a technical customer. This allows, even before the official transfer of the house, to begin examination, examination, design and development of design estimates.

We also have examples when a new investor himself takes the initiative to complete the problem object. For example, in May 2019, the Moscow City Arbitration Court upheld the application of Atlant LLC to transfer to it rights to the land on which unfinished residential buildings of Ravissant residential complex are located, and obligations to citizens. Now the new investor will have to complete the problem object and transfer to the real estate investors their apartments. The candidacy of the new developer was agreed by the Ministry of Construction of the Russian Federation.

 

We have facilities for which the investor undertook obligations even before the introduction of bankruptcy proceedings. For example, problem projects in the settlement of Maryino – LCD “Sports Quarter”, “Maryino Grad” and “Sport Town” – are completing the Capital Group.

At the same time, this company will complete the construction of a large residential complex in the center of Moscow – LCD Sky House on Mytnaya Street. An existing contract was signed between the current developer Olter LLC and Capital Group to fulfill the functions of a technical customer.

There are other examples: for three problem houses on the streets of Ovrazhnaya and Mostotrest in Scherbink and in the village of Shishkin Les, the mayor decided to build a compensation house at the expense of the AIP. It will be erected by KP “UGS” in the village of Ryazanovskoye. Now there is a design.

– How many objects are included in the roadmap of Moscow?

– A total of 34 objects. For each of them, the deadlines for the implementation of measures, including completion of construction, are prescribed. According to the roadmap, the completion of all problem complexes should be completed at the end of 2021. And we will make every effort for this.

At the same time, one of the facilities indicated there has already been commissioned – LCD “Novo-Nikolskoye” in the village of Pervomaiskoe. Soon he will be excluded from the roadmap. Its updating is carried out quarterly.

– The Committee uses different schemes of interaction with interest holders: they can receive money, their city developer or a third-party company can finish building their houses. What is the committee guided by when choosing a scheme?

– First of all, we are guided by the law. And by the way, changes have appeared in it. For example, on the application of the rules of paragraph 7 of the Bankruptcy Law. At present, the law provides that the opportunity to complete the construction of a property with a new developer appears when the bankruptcy proceedings are introduced in relation to it. The form depends on the situation prevailing at the facility, on lenders, on the desire of participants in the construction of the house. That is, the choice of scheme depends on many factors.

I want to emphasize: if the developer has problems, there is no need to be afraid of bankruptcy status. The transfer of the facility as part of this procedure to a new company is an absolutely working and efficient scheme.

Moreover, the committee has repeatedly proposed that the supervisory authority have the right to come up with the initiative on the need to introduce bankruptcy proceedings against a troubled developer. And the latest amendments to 214-ФЗ provide for this – if there are already signs of bankruptcy and the fulfillment of obligations to equity holders is doubtful. Although, of course, by the time of the petition for bankruptcy, the regulatory body should already analyze the situation at the facility and give concrete proposals for its completion.

I want to give a concrete example – the same Tsaritsyno residential complex. It took us three years to transfer the object to a new developer – to start the bankruptcy procedure and officially enter the site of Mosotdelstroy No. 1 JSC. Although the completion of the houses, which will soon be put into operation, the time it took was half as much – 1.5 years. That is, now it will be possible to solve bureaucratic issues faster.

The latest amendments provide for the establishment in the regions of appropriate funds. Moscow is no exception, and such a decision has also been made.

– How do you track the development of industrial zones? Development sites are quite large. Are companies always able to meet the required deadlines without stopping work due to lack of funds or for some other reasons?

– The decision on the development of the industrial zone is made through the development and approval of the territory planning project (TIP). This is a necessary procedure, as it allows you to change the status of the industrial zone.

At the stage of approval of the planning project, together with the PPT itself, a plan for its implementation is approved, which clearly spells out the whole mechanism of action: who does what and what, when. This applies to any of the objects – housing, roads, engineering, social infrastructure, commercial or industrial real estate.

The implementation of the implementation plan is supervised by the department of urban planning policy.

– What trends in the processes of investing in social facilities could you point out?

– Today, when choosing a home, the buyer evaluates any project offered to him in terms of its comprehensive content. “Empty” housing without infrastructure is already of little interest to anyone. Much more willingly people buy apartments in residential complexes with their own kindergarten, school, shops, parking lots, etc.

Social facilities can be both municipal and private. Every year, several non-state schools and kindergartens open in the capital. Most often they are small, but the educational process there is organized at the highest level. Large institutions, the investor, as a rule, after commissioning transfers to the balance of the city.

If a developer is not ready to independently build a social facility – but one must understand that this is a very serious issue, for which not all companies have the necessary competencies to solve – he can financially compensate the city for such construction. In accordance with the current mechanism, Moscow accepts funds from the builder, signs an agreement with him and builds a school or kindergarten herself.

Summarizing, I can note that today investors themselves initiate access to the market for new buildings with all the necessary social infrastructure. To work on this principle means to have a marketing advantage, and therefore to create a product with guaranteed high demand.

– The fate of the apartment has been discussed for several years. How do you assess the prospects of this segment? How protected are the interests of private investors of such projects?

– This type of real estate is very common in many megacities, and Moscow is no exception. About 2.5 million square meters are currently being built in our city. meters of apartments.

They can significantly differ in price category – these are premises in budget residential complexes, and rooms in elite business centers. But all the “apartments” are united by the fact that, by their legal status, they are non-residential premises with attendant disadvantages – from high tariffs for housing and communal services to problems with noise insulation, insolation and social infrastructure. Previously, such premises during the bankruptcy of developers fell into the bankruptcy estate and, accordingly, could be sold at auction.

However, since July 2019, the Federal Law on shared construction has been amended to protect buyers of such real estate. The companies that build apartments are equated with developers building houses with ordinary apartments. Now the developer will have to work only through escrow accounts. The exception will be only already partially finished facilities, confirmed by the conclusions of our committee. They will be completed according to the old scheme.

The developer will no longer be able to attract citizens’ money bypassing escrow accounts – for example, under investment contracts. I believe that this will reduce the risk of problematic objects and to some extent weed out unscrupulous developers.

But the buyer should not forget that the apartments do not have the status of residential premises and in case of bankruptcy of the developer, a citizen will be able to return only money, and not square meters, as when purchasing an apartment (according to FZ-214).

In addition, the apartments still do not have sanitary and technical requirements specific to residential apartments (for example, the level of insolation is not taken into account), the apartments cannot be registered permanently, utility tariffs do not apply to them.

Source: Moscow Perspektiva

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