new buildings under new rules: the illusion of guarantees

not so long ago we touched upon the topic that the authorities do not know how to solve the problem with unfinished construction. brick-concrete boxes rise in kiev and other cities, citizens have invested in them, but the hope of completing projects is minimal. and the risks of being an investor in another pyramid like the “elite center” are growing every day. apparently, tired of the rallies of deceived developers, the authorities decided to play in their defense. but the proposed prescription for treating the disease does not seem to be very effective.

soviet citizens saved up money mainly for two global purchases - a cooperative apartment and a car. my parents also did not want to wait for public housing until retirement and invested in a cooperative. half of the cost of a two-room apartment had to be paid immediately, the rest of the payments were added to the monthly rent.

as a rule, large enterprises built housing. but almost every citizen who managed to find a vacant place in the cooperative could find a cooperative apartment. for a family of three were given only two rooms. no matter how much the then investor was willing to pay.

extra square meters were given only to art workers, scientists and honored people. for example, cosmonauts or state prize winners. since my parents were ordinary soviet workers in the military-industrial complex and were not members of the unions of artists, writers and journalists, we were not entitled to an extra room.

i was three years old when the coveted house was built. it took only 8 months to build it. there were no boulevards or art objects on the kiev rusanovka. the streets had just begun to be asphalted, and the new settlers walked to the stop of public transport in changeable shoes - the sand was ankle-deep.

there weren't enough kindergartens either, so i spent most of my preschool childhood on my grandmother's collective farm. kiev for me was associated with beaches, khreshchatyk, ice cream and a zoo. it was a green, cute city, without any hint of traffic jams, with large vacant lots near new buildings. my father's telephone - as a member of the party committee - was installed, but paired with neighbors. i remember he was always busy. and my mother knocked on the pipes to her neighbor so that she would give her the opportunity to call “grandmother's village”. the only telephone there was in the village council, near it, hoping for a call, all the grandmothers of the village gathered, waiting for their grandchildren on leave.

despite everyday difficulties, my parents were happy: a separate apartment at that time radically changed life for the better. unlike a communal apartment, you could have a dog here. this miracle also happened in my life. a red collie for crazy money - 130 soviet rubles - replaced my nanny.

how does the current housing situation differ from that in the soviet union? by very many factors. but the main one is the risks. then there were no risks at all. if the money for the cooperative has been collected, then the house will be built on time. a few weeks delay was considered an urban scandal. the situation was examined at the executive committees and party committees.

there was no question of taking money from people and not building anything at all. for this they could be imprisoned for a long time. the same applied to deposits in the savings bank. only in 1991 did we learn that bank savings can be lost.

now no bank in the country will give a 100% guarantee of the return of citizens' deposits. in the same way, any investment in a new building is a lottery. not always winning. to date, only in kiev in the risk zone there are more than 70 projects under construction.

write that these are mainly infield development objects of economy class, where construction is carried out exclusively at the expense of citizens. or houses that, in addition to financial difficulties, have a number of problems related to the legality of construction.

honestly, i don't believe in this wording. the same as the standard criteria for a reliable or untrustworthy developer. how did theorists teach us? if a company has many active objects, has been on the market for more than one year and has already delivered dozens of houses, it is reliable. will value its reputation and will begin to finish building its facilities even in the event of a critical situation and the risk of loss. really?

what about ukrbud? or bank arcade? these are generally veterans of the construction market. “arcade” began to finance construction back in the 90s. "ukrbud" has become almost a symbol of prestigious development. and what is the result? pyramids that burst by tripping over a problem! “ukrbud” was dumped due to the redistribution of the market. "arcade" ran into protests on the development of "patriotic lakes". thousands of people were left without apartments and without money invested in them.

experts say that due to quarantine, more than 20% of facilities under construction will have a delay of 3-4 months, in more than 25% - by 6 or more months, 20-25% of facilities will be delayed with commissioning, it will be from 9 to 12 months, and for 15% - construction will take a year or more. thus, there are many more projects under construction in the high-risk zone than it seems at first glance.

in addition, there were obvious complications during the commissioning of housing: in the first half of 2020, 40% fewer new buildings were commissioned in kiev and the region than in the same period of the previous year.

the issuance of certificates of readiness of houses for commissioning sagged for several reasons. first of all, to save money, the developers of the complexes are trying to put into operation several built houses at once with one certificate - from two to five at a time.

therefore, if you bought an apartment in section # 1, and the developer is finishing up section # 4, you will have to wait until he finishes everything. or until the reform of the state architectural and construction inspectorate, which creates corruption fuss, is completed.

meanwhile, the parliament is preparing a bill "on amending some legislative acts of ukraine regarding projects of unfinished construction and future real estate objects." it is positioned as something innovative in the field of investor protection.

of the main innovations - the sale of apartments will be possible only after the state registration of the ownership of the construction object by the developer. a legal entity - a developer who has registered ownership of the unfinished construction project - will be able to sell the apartments.

the purchase of housing is possible only under contracts of purchase and sale of real estate objects. the buyer acquires an apartment that has not yet been built in the future house, and not the right to claim.

the most important thing is that the sale and purchase agreement must clearly indicate the identifier of the future real estate object in a unified electronic system, the registration number in the state register of property rights to real estate, indicating its characteristics, etc., including placement apartments on the floor, the cost and methods of its determination, the deadline for completion of construction and the obligation to transfer the apartment to the buyer, responsibility for failure to comply with the terms of the contract.

it is extremely difficult to fulfill all these conditions at the pit level. and the reasoning that buying an apartment, and not some ghostly meters, will allow citizens to become the owners of their future real estate already at the construction stage and effectively control the developer, look controversial.

for example, analysts assure that you can freely take out a loan for a purchased apartment of the future and this will be a real protection against double sales. from double sales, probably yes. but what idiot bank will lend for a castle in the air - an apartment that may or may not be built, although there is a "bill of sale" for it ?!

moreover, let's say that you are an investor and i am a careless developer. in the existing system of permits and control, there are no construction sites with a full package of documents. and i sold you an apartment, which does not exist, with some violations. you want your money back.

if the law is passed, your chances in court increase. but my money will not multiply. if the house is not built, then all the owners of virtual apartments can demand are the same virtual compensation. if the construction has stopped, then either the company has no money, or it is a fraud. in any case, the lottery is losing.

in fact, what is presented as an innovative idea is “new - well forgotten old”. now there are three main financial and legal mechanisms on the market: derivatives, ffs (construction financing fund) and preliminary notarial agreements.

under the ffs scheme, which has existed for many years, a specific apartment is assigned to the buyer, and not the right to claim. so the risks of double resale of the apartment in this case are minimal. in addition, he has the right to control the construction process (it is not clear how to do this in practice - the author). nevertheless, the number of problem construction projects and defrauded investors through the fsf is also in the tens of thousands.

in fact, the bill under consideration now proposes to prohibit preliminary notarial contracts. no problem! but what will happen to the houses that are already under construction - the developer will have to urgently re-register the documents?

besides, the sale of an apartment that will only be built sometime contradicts the norms of the civil code. and direct contracts for the purchase and sale of apartments directly from the developer are not spelled out in the legislation. and it is possible to sell under a direct agreement only what is already available, and not an apartment under construction.

therefore the safest thing is to buy a house that has already been built and put into operation. but ukraine is a poor country. it's expensive for us. in addition, developers do not have their own money for construction, and banks are very reluctant to give loans for any production activity.

so the talk that it is possible to somehow ensure control by the forces of investors at all stages of construction and to protect citizens from unscrupulous developers is fiction. guarantees were only in the soviet union for cooperative housing. there are no guarantees now. it's time to forget about it. the maximum that can be expected from the new rules is another redistribution in the construction market and the termination of games with a double sale of apartments. and thanks for that ...

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