Reform of the sphere of shared construction is another link in the chain of legislative initiatives designed to solve important social problems. Over the past few years, the basic law regulating the work of developers has been revised many times. The concern of lawmakers the situation related to the emergence of new defrauded investors, largely clear.
Market conditions are changing and the improvement of any legislation is a normal process. At first, any initiative met with criticism, but over time it becomes clear that the changes were necessary to make a particular industry transparent. Many sectors of the economy has already experienced a tightening of regulation, it is enough to remember the banking industry and the establishment of the Association of insurance of contributions. Despite the objections of bankers, over time, this tool has shown its effectiveness, providing additional protection to depositors.
Today, the government has a goal to make the construction industry transparent and to guarantee the interests of the participants of shared construction. However, despite the good intentions, the chosen approach to solving this problem does not guarantee unconditional respect for the rights of buyers of housing at the construction stage, and some tools on the contrary call into question the work of many developers in the current economic situation.
Let us turn to the history of the issue. Initially, the deceived investors were those people who were really deceived by double sales and other fraudulent schemes. Today, it is almost impossible to work around the legislation in the housing market — the role of the regulator is too great. Participants of the construction industry mostly comply with the established rules and meet the stated requirements. However, this does not solve the problem, and there are new deceived investors, although the terminology, in my opinion, is outdated. After all, today, in most cases, many developers can not complete their projects because of the problems with financing, and not because of the lack of perfect legislation and the desire to take advantage of this and deceive the client. By the way, the very problem of deceived shareholders is exaggerated. Let me turn to statistics: the volume of funds raised by the cost-sharing arrangement with unfulfilled obligations is not more than 5% of the total investment in shared construction.
In my opinion, the reason for the appearance of unfinished buildings should be explained, including economic factors. Any business in a developing economy with sufficient solvent demand will be successful. However, today we cannot boast of growing incomes of our compatriots. And the main demand in the segment of mass housing directly depends on the credit conditions in the mortgage market. The upcoming VAT reform does not add optimism: it is logical that this initiative will affect the welfare of our citizens. So far, the situation in the market of the capital's new buildings remains stable, largely due to the delayed demand, which occurred against the backdrop of rising mortgage rates. But there are fears that at the beginning of next year, sales volumes will seriously decrease.
If this happens, developers will have to complete the construction of their projects, relying primarily on bank project financing. But the question remains - how much will it be available after July 1, 2019? Using what criteria banks will choose developers partners? To what extent will they be able to provide funding? So far, there are no answers to these questions. Lack of access to cheap financial resources is a powerful obstacle to the development of the construction industry and can cause a new wave of so-called deceived investors.
In conclusion, the construction sector is among the five sectors that provide the main contribution to the GNP of the state, and employs about 10% of the working-age population of the country (and if we take related industries, this figure will be more). If there is a narrowing of the industry, what will happen to these people? In my opinion, the loss of work for such a share of the population is no less acute social problem than the problem of defrauded investors.