Real estate developers in Russia have been offered to compensate for the cost of loans

Due to the high key rate, developers may be compensated for the costs of loans, which have become very expensive for them. Such a measure is contained in the Ministry of Construction's finalized plan to support the construction industry, which was sent by the ministry to the government office on December 23, Izvestia reported.

Builders will be saved from the rate: the authorities proposed to introduce a moratorium on bankruptcies of developers

How this will affect the real estate market

According to the document, we are talking about the emergence of a program in Russia to reimburse part of the costs of loans received by systemically important developers. It is planned that with its help it will subsidize the construction of about 8 million square meters, and its implementation will require 29.6 billion rubles.

"Under the program will fall objects with a planned date of commissioning in 2026 and in subsequent years. Thus, its perimeter will include a number of long-term projects launched from the fourth quarter of 2024 and all projects of the 2025 launch year," the document says.

The program will be "switched off" when the key rate of the Central Bank decreases, the proposals of the Ministry of Construction specify.

"A similar mechanism operated in 2022 as part of one of the measures to support the construction industry. Then reimbursement of part of the costs of loans for construction companies allowed to support the timely commissioning of about 25 million square meters of housing, which means that citizens received their keys on time," - confirmed the elaboration of the initiative in the press service of the Ministry of Construction.

For the first time the program of reimbursement to credit institutions for lost income on loans in the field of housing construction began to operate in 2020 during the pandemic and lasted until December 31, 2023. At that time, more than 12 billion rubles were allocated from the federal budget for these purposes.

According to the resolution of the Cabinet of Ministers, the mechanism of state support implied the readiness of banks to provide loans to developers at a rate not exceeding 15% per annum. In this case, a subsidy covering 7.5% of the rate was allocated to the bank to compensate for lost income.

How the mechanism will work this time, the Ministry of Construction did not specify. At the same time, they noted that currently analyzing different scenarios of industry development and working out the actual support measures to improve housing conditions of citizens and maintain the sustainability of developers.

Read more in the exclusive material of "Izvestia":

Tile for tile: real estate developers want to compensate the costs of loans