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13 Июня 2018
Foreigners

Metamorphoses of Construction Market

Metamorphoses of Construction Market

Krasnodar, 13 June – Yug Times. The national construction market is said to be going through a mighty transformation. So what is the financial background of the relations between the banks and the construction companies they have credited?

Currently Russia undergoes gradual reforming of the development sector. A considerable part of the novelties takes place in the framework of amendments to the Federal Law No. 214 that regulates shared construction projects. Starting from July 1, 2018, such phenomenon as shared construction will in fact be legally blocked, while other tools of financing of residential construction projects will be introduced.

Many experts and construction companies assert that it is the financial lobby in the federal Government and the State Duma that is the main customer of the amendments in the Law No. 214. What is the bankers’ attitude to these assertions?

Alas, The Yug Times has not been able to get a direct and open answer to this question from Kuban financiers - under the pretext that the national construction market is too much overpoliticized, and the regions are reluctant to meddle in politics. What is more, there would be little sense in it - for everything is decided in Moscow only.

Nonetheless, some Kuban bankers have agreed to give us their answers - asking not to mention their names. Today we are publishing the answers we received through official channels.

Q.: Was it the financial lobby in the federal executive power that may have encouraged the adoption of the amendments to the federal law?

A.: I don’t think so for several reasons. The most important one was that these amendments were caused by a political factor. There are too many displeased people in the country that suffered from the activity of unfair developing companies. This factor is much more important for the government than somebody’s hypothetic interest. This is why, the ‘lobby scenario’ looks highly unlikely.

Q.: Are the Kuban construction companies and the banks prepared to work according to the new rules?

A.: The financial sector is always ready. The problem is that the market is still scared lest there would be some new amendments introduced in the final bill to take force on July 1.

Q.: How may the legislative novelties aimed at the ban of the constructors’ use of the co-owners’ money affect the mortgage lending?

A.: Such influence, even if it would happen, would be quite indirect. The novelties that are being discussed would more affect the entire real property market.

It is evident that the price of the flats will go up, because the developers financed by banks under the Law No. 214 will have to bear additional costs for the accumulation of this money, paying interests to the banks and fees to the companies entitled to control the speed of the construction.


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