Billions from Mishustin will bring "DOM.RF" among the leaders of the real estate marketAnalytics
Of the 42 billion rubles that will be allocated by the Cabinet to support housing construction, 30 billion rubles will have to go to completion of long-term construction and solving the problems of defrauded real estate investors, and another 12 billion rubles to support developers.
Let's dig a little deeper and see what lies behind this.
The refusal from shared construction and the transition to escrow accounts did not solve the problem of deceived equity holders at once. On the contrary, the additional financial burden stopped work at many facilities. The current crisis is also not conducive to the completion of work. In total, in Russia, according to the head of the Ministry of Construction, Vladimir Yakushev, there are more than 2 thousand problem objects in which about 133 thousand people are waiting for their apartments.
Previously, the authorities, with the help of the state-owned company DOM.RF, which is headed by former Deputy Prime Minister Vitaly Mutko, could provide financial support to new investors who are ready to complete the construction. Naturally, investors came to complete the construction for a reason: for this they received unsold apartments, which they could later sell. Now, judging by the amount of financing, attracting investors in the previous volume is not planned, which means that DOM.RF may become the owner of free apartments.
But the most important thing is that just a couple of days ago Vitaly Mutko announced yet another program to support developers: DOM.RF will buy unsold apartments for 150 billion rubles from developers without intermediaries . In total, it is planned to acquire 3 million square meters. meters. That is, one square will cost about 50 thousand rubles. Profitable! For comparison: according to Rosstat, the average market value is 1 sq.m. in the fourth quarter 2019 amounted to 64,059.49 rubles. The crisis, of course, puts pressure on the market, but so far the planned buyback price is 22% lower than the market.
But even such conditions can be a salvation for developers who are on the verge of bankruptcy. But here the question arises of selecting companies to fall into the buyback program. New expanded lists of backbone enterprises even without a “Fonbet” demonstrate that personal acquaintance and backstage arrangements give more chances than the real significance of the company. So here - DOM.RF employees get the opportunity to establish additional unofficial requirements for developers.
And after the buyback is completed, the received amount (in total - 180 billion rubles) of DOM.RF will allow the state-owned company to become one of the largest market participants, capable of dictating its conditions. For comparison: last year, the largest developer in Russia, the PIK company, sold apartments, including incomplete ones, for 225.3 billion rubles, and the total area of all the facilities it erected was 7.4 million square meters. m
Further behavior of "DOM.RF" will depend on the tasks. If it is necessary to fulfill the May decree at any cost (and Deputy Prime Minister Marat Khusnullin is seriously focused on this), then the structure headed by Mutko can begin dumping in order to increase sales. Developers who are already having problems, obviously will not say “thank you”. Otherwise, the opportunity arises to carefully select buyers, again on an informal basis. Since making a profit is not the main task for DOM.RF, there are possible options in the formation of the official and unofficial part of the cost of apartments.
In any case, Vitaliy Mutko and his team are in a very good position: now 180 billion rubles will go through them, it becomes possible to influence the selection of sellers and buyers of apartments, and, if necessary, the implementation of the May decree. But there is no guarantee that the actions of the authorities will benefit the industry. On the contrary, conditions are being created for shadow schemes and bankruptcy of not the largest developers.