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3.2. Working out of regional programs of development of the market of rent housing accommodation (on an example of the Voronezh area)

It is necessary to notice, that regions of Russia have differently apprehended transition to the decision of housing problems at the expense of realisation of the rent real estate. And if the part of regions about 4 years realises similar projects other is in the beginning of a way.

So in the Voronezh area only the meeting «About mechanisms of development of the market of rent housing accommodation» on August, 25th, 2014 has taken place. It is possible to consider it as a starting point of development of the given direction in region. Representatives of industrial enterprises of the Voronezh area have participated in meeting, interested in creation of housing accommodation for the employees, and Open Society «Agency of financing of housing construction» (Moscow).

As creation of rent housing accommodation is made now not in all territory of the country parts of regions it is necessary on the basis of received to realise pilot areas of the Russian Federation of experience similar projects. We will consider, building of rent housing accommodation in one of most dynamically developing region TSFO - the Voronezh area is how much expedient. The population of the Voronezh area for January, 1st, 2018 makes 2333,8 thousand persons. The region is large enough not only within the limits of TSFO, but also as a whole on the country. Detailed characteristics of area contain
As in the program of social and economic development to 2020 [114], and in the information represented by regional centre Rosstata [16; 17; 55]. We will consider the basic characteristics of development of housing sphere of region to draw conclusions on expediency of creation and development of the market of rent housing accommodation.

On provisional data, the amount of works and services in the Voronezh area by the form activity "Building" in the first half of the year 2018 has made 473 billion roubles, having shown growth in comparison with the similar period of previous year on 7 %. At the same time during the period with 2015 for 2017 essential decrease in works (for example, in 2015 the amount of works has decreased at once on 15,2 %) was observed. In 2016 it is placed in operation 1679 thousand м2 a total area of apartment houses (103,2 % by 2015). The branch showed positive dynamics, having recovered after crisis and the subsequent significant recession in 2009. However the last years tendencies on decrease in indicators in the regional market of housing accommodation were scheduled. In tab. 21 the basic indicators of the housing market of region are resulted.

The volume of input of housing accommodation in the Voronezh area reaches 0,72 м2 on one person that is high enough indicator among regions Russian Federations. On amount of works the Voronezh area already long space of time takes 4 place in TSFO, conceding to Moscow, the Moscow and Belgorod area.

Table 21 - Indicators of the regional market of housing accommodation of the Voronezh area

Indicator / years 2009 2010 2011 2012 2013 2014 2015 2016
Amount of works of million rbl. 31139 40755 49680 55046 42642,6 74643.2 107591,4 100403,6
Commissioning of apartment houses, thousand

2

M

887,7 1049,7 996,2 1110,4 1348,7 1572.9 1626.9 1679
Number of the constructed apartments, piece 11534 14433 12700 15581 19411 23021 24309 26924

Indicator / years 2009 2010 2011 2012 2013 2014 2015 2016
The average size

Apartments, м2

77 72,7 78,4 71,3 69,5 68.3 66.9 62,9
Commissioning of apartment houses counting on 1

The person, м2 / the people

0,39 0,45 0,43 0,48 0,58 0,68 0,70 0,72

Let's consider consisting housing sphere of region (tab.

22 [16]). It is necessary to notice, that the condition of housing sphere in region in many respects coincides with the all-Russian tendencies. Security of the population housing accommodation grows, however its size mismatches requirements of company. Furthermore low availability of housing accommodation, especially for groups of the population with low incomes, creates social pressure. The price of the inhabited real estate also grows significant rates.

Table 22 - Indicators of housing sphere of the Voronezh area

Indicator / years 2009 2010 2011 2012 2013 2014 2015 2016 2017
Available housing - everything, thousand м2 59110 60173 61045 62105 63469 64666 66000 67272 68713
Housing security 25,3 25,6 26,2 26,7 27,3 27,7 28,3 28,8 29,4
Number of apartments - only, thousand 1104 1118 1129 1141 1156 1346 1190 1210 1232
From them:
The one-room 252 256 263 269 272 317 287 298 309
The two-room 418 422 421 424 431 518 442 447 453
The three-room 311 315 317 319 322 370 328 330 334
Four-room and it is more 123 125 128 129 131 141 133 135 136
The average size of one apartment, м2 52,7 50 53,3 53,6 54 47.4 54.7 54,8 55,1
Number of the families consisting on the account on reception of housing accommodation 49208 50428 50558 48703 47993 47207 46295 45262 47440

In the program of development of the market of housing accommodation in region following target indicators [103] are put:

- Increase of security of the population by housing accommodation by 2018 to 28,47 м2 a total area per capita;

- Input maintenance in 2015-2018 5,433 million м2 a housing accommodation total area;

- Building to 2018 0,62 м2 housing accommodation per capita.

- Reduction of shabby and emergency housing accommodation;

- Decrease in factor of availability of housing accommodation to 3,89 years;

- Increase of quantity of the families, capable to decide housing problems;

- Slowing down of growth rates of the prices for the economy class real estate.

In many respects mortgaged indicators have been reached, however the question on sufficiency of the given significances of indicators of development of housing sphere for the decision of a file of the problems which have been accumulated for a long space of time is disputable. Development of a direction of creation of the local market of rent housing accommodation should be concentrated at regional and municipal level. In 2011 Minregionom the Russian Federations have been made changes in the recommendation about working out of the regional housing development programmes, workings out of the segment containing necessity, concerning development of hired housing accommodation [1]. Regional programs of development of the market of rent housing accommodation are accepted now in overwhelming majority of subjects of the Russian Federation [for example, 4], in other subjects they are in a working out stage. At the same time programs of creation of the local markets of rent housing accommodation in Russia face the certain problems which are slowing down rates of growth of this direction. It is in many respects connected by that such programs are largely declarative and do not assume detailed planning and definition of effects from their realisation.

In works [5-6], the basic base concepts connected with working out of regional programs of development of rent housing accommodation have been entered: object
Realisations of programs, mechanisms of realisation of projects, a subject of programs on development of rent housing accommodation, the basic stages of realisation of programs, an estimation of efficiency of projects of rent housing accommodation, etc. On the basis of the presented principles of realisation of programs of development of rent housing accommodation, modelling of possible effect of realisation of such programs on housing sphere of the Voronezh area - table 23 is conducted.

Table 23 - Effect of realisation of the program of creation of rent housing accommodation on the market of the inhabited real estate of the Voronezh area

Program stages Results of realisation of the program Scale of effect of the realised program
Volumes of realisation of the program on creation of rent housing accommodation Creation of rent housing accommodation in size:

10 % from total amount for 1-3 years; 15 % from total amount for 4-6 years;

20 % from total amount for 7-10 years.

Quantity of the constructed apartments
Occurrence of additional possibility of the decision of housing problem Occurrence of the civilised market of rent housing accommodation on a level with

The existing market of the "shadow" lease, evaluated an order of 142 thousand apartments

Share of rent housing accommodation from total amount of rent fund of area
Overflow of a part of the population on the market of rent housing accommodation From purchase and sale sector (including at the expense of proceeds of credit). The factor of change of preferences of consumers: a parity

Rent in rent housing accommodation on the average an order of 40-50 % from a payment on a real estate. Availability of possibility of long-term hiring

Quantity reduction

The housing accommodation erected for sale in the market on size under construction

Rent housing accommodation.

Reduction in demand at the expense of transition of a part of the population to rent housing accommodation.

Quantity reduction

Purchase and sale transactions

Housing accommodation:

From sector of hiring of housing accommodation at private persons. The change factor

Preferences of consumers:

Rent parity in rent housing accommodation on the average on 10 % more low, than on the average in the market. Availability of other competitive advantages

Weak effect: 1-3

Years.

Average level

Effect: 4-7 years.

Essential effect: 8-10 years.


The received results allow to say that depending on scale of creation of rent housing accommodation, it can have various effect on the market of the inhabited real estate of region. At the realisation initial stage (the first 3 years) this effect will be insignificant, but during the further realisation, increase in a share of rent housing accommodation it is capable to render set of positive effects. There will be a stabilisation of the market of lease of housing accommodation, the purchase and sale market, there will be a possibility to support housing construction volumes on a high level.

The scale and results of realisation of the program will be defined in many respects by an optimality of the chosen projects of the regional market of rent housing accommodation. It is necessary to notice, that the forecasts resulted above concern a role of rent housing accommodation at regional level. Besides it, such projects will have also essential social efficiency. The basic indicators of social effect of creation and development of the local markets of rent housing accommodation are:

- Creation of additional jobs in building and housing and communal services sphere, in the conditions of reduction in demand for the housing accommodation acquired in the property;

- Level decrease «grey salaries» at the expense of legalisation of the market of rent housing accommodation;

- Growth of equation of regional budgets at the expense of growth of rent payments;

- Increase of level of mobility of socially active population;

- Gain of innovative jobs in the territories having conditions for economic growth;

- Decrease in level of immigration streams at the expense of resettlement of able-bodied population from depressive regions of the country;

- Growth of volumes of investments from the developed countries by granting of housing accommodation by worker and to experts for the period of building of objects and training of the Russian experts, etc.

Realisation of a file of civil-engineering designs of rent housing accommodation within the limits of the program of development of rent housing accommodation in the Voronezh area can give set of social and economic effects. Their basic groups on which probably to give a cost estimate, are resulted in table 23.

Table 24 - the Social and economic effects received as a result of realisation of the market making scheme of rent housing accommodation in region

Category of social and economic effect Prospective result for all time of realisation of the program
Additional increase in housing security of the population 1,5 м2 on 1 person at the expense of building of rent housing accommodation
Creation of additional jobs in sphere of management of the rent inhabited real estate (with allowance for quantities of the erected rent housing accommodation and quantity of staff on 100 units of rent housing accommodation) 1471 place
Creation of additional jobs in sphere of building and housing and communal services in the conditions of observable reduction in demand for the housing accommodation acquired in the property 13493 place
Decrease in level of "grey" salaries at the expense of legalisation of the market of rent housing accommodation:

- Quantity of the workers who have left from the "shadow" market

- Reception of additional budgetary incomes of reduction of level of "grey" salaries

11880 persons

10.5 billion rbl.

Growth of equation of regional budgets at the expense of growth of rent payments - occurrence of the additional market of lease of the inhabited real estate 7,6 billion
Gain of hi-tech jobs in the territories having conditions for economic growth 12700 places
Increase in a population of area at the expense of decrease in level of migratory outflows and occurrence of migratory inflows at the expense of resettlement

Able-bodied population from depressive regions

- Additional mid-annual number

- Additional VRP for 10 years of realisation of the program

2500 persons

8.9 billion rbl.

Realisation of the program of creation of the regional market of rent housing accommodation will give set of effects which will consist in increase in level of housing security, labour market development, improvement of migratory streams, increases in budgetary incomes and VRP.

At the present stage it is necessary to carry out a choice of the optimal mechanism with allowance for interests of all interested parties, regional and social efficiency.

Realisation of the regional program of creation of rent housing accommodation requires working out of mechanisms on which basis it is possible in a mass order to carry out such projects. It is necessary to take into consideration and features of projects of noncommercial rent housing accommodation [7]. The state-private partnership [8] can become the effective mechanism, in particular.

It is necessary to notice, that till now in region territory the set of programs in the housing construction, not concerning rent housing accommodation is realised. Despite quite good indicators of development of housing sphere of region, now there is a set of problems in the given sphere, especially with allowance for planned development of the industry of region.

In region the set of programs of the development, concerning major branches of economy and social sphere acts. At the head of the given programs are strategy of social and economic development of the Voronezh area on the long-term prospect [114], one of which problems is increase of competitiveness of area. In the Voronezh area programs on industry development are actively realised. In particular, development goes in a direction of creation of industrial parks. They are understood as [90] part of territory of the Voronezh area, intended for placing and functioning of the various productions created within the limits of realisation of investment projects, and the services accompanying them, equipped on the uniform project of a lay-out with a necessary infrastructure. One of directions of development of innovations in region chooses creation of technoparks.

Rent houses are necessary, especially in those areas where creation of large productions is planned. Building of the housing accommodation intended for leasing, will allow region to involve the qualified labour shots that should affect migratory processes positively. To
To the same the availability of an alternative method of the decision of housing problem should reduce outflow of staff from the Voronezh area.

In 2010 in the Voronezh area the decision on formation branch klasterov in the industry [15] was accepted. As a result now in region territory functions 4 branch klastera:

- Oil and gas and chemical mechanical engineering;

- Electromecanics;

- Aircraft engineering;

- The radio-electronic industry.

Besides it, after long discussion in the Voronezh area has been decided to create a special economic zone promyshlennoyoproizvodstvennogo type. In 2018 the decision of the Government of the Russian Federation on creation OEZ in the Voronezh area is expected.

It is necessary to notice, that during realisation of programs of development of the industry of region, the set of negative factors of development of the Voronezh area, interfering its dynamical development was showed. In the plan polovozrastnoj structures the Voronezh area concerns "growing old" regions, specific weight of the population is more senior the able-bodied makes about a quarter of all population. Thus the youth share is low and decreases. The demographic restrictions connected with depopulation of the population and negative from the point of view of reproduction of labour force by changes polovozrastnoj of structure, interfere with development of industrial and social sphere of region. Throughout the last years tendencies are saved, and the next years the area will rise before a problem of maintenance of economic growth in the conditions of defect of a manpower.

Labour efficiency in the Voronezh area below average across Russia in 2,3 times that speaks not only high deterioration and poor quality of a fixed capital, but also low qualification of a labour. Planned modernisation of economy of region on the basis of acquisition
The modern equipment puts supplementary claims before quality of a labour.

Summarising all program documents on industry development in the Voronezh area, it is possible to draw a conclusion, that one of restrictions now is deficiency of professional shots. From this point of view creation of rent housing accommodation in region can have positive effect on proceeding processes, to grant region competitive advantages in struggle for the limited quantity of the qualified manpower.

In our opinion, as soon as possible subjects of the regional market of the housing accommodation, forming the offer, will be compelled to attend to creation of rent housing accommodation. On fig. 31 environment in which the region organisations will function is presented.

It is necessary to notice, that orientation of developers on office and torgovoyorazvlekatelnye the objects of the real estate observed throughout modern Russian history, the last years varies. From these items the rent inhabited real estate will be to a lesser degree subject to cyclic changes in economy as the requirement for housing accommodation for any case will be one of prime for the population. Thus it is necessary to consider possible problems with payment discipline from leasers during the periods of decrease in real earnings.

The market of such objects becomes oversaturated, thus it considerably reacts to the crisis phenomena in economy. Certain problems in the market of office and trading real estate have led to that the separate organisations seriously consider expediency of transfer of a part of the areas under the purposes of delivery as housing accommodation.

Ershovoj [36] the expediency of transfer of object of lease in a category inhabited, representing a premise which total area makes 449,1 м2 is considered.

Drawing 31 Scheme of realisation of alternative programs of development of regional housing sphere

The rent housing accommodation in region territory is not a subject of development of housing sphere, though in the program of development of housing construction in the Voronezh area [103] is said what to decide housing problem only at the expense of granting to its population in the property irrationally and it is necessary to develop the lease market. On fig. 32 the author's sight at building of rent housing accommodation in the Voronezh area is offered.

Drawing 32 - Prospects of creation of the market of rent housing accommodation in

The Voronezh area

Let's consider the civil-engineering design of a multiroom apartment house in Voronezh, intended for leasing, proceeding from stated above principles of maintenance of efficiency of such projects. As an account example the object of the organisation of Open Company "Выборстрой" [141] is chosen: a ten-storied apartment house (one entrance) in Voronezh on street Minsk, a total area 6329,6 м2. The area of apartments in an inhabited complex makes 3938 м2, the area of building 721,8 м2. The house places in one of dynamically developing
City areas - Railway in which the last years large-scale realisation of projects of the regional market of housing accommodation is observed. The considered apartment house has following premises:

- One-room apartments - 43 pieces;

- Two-room apartments - 29 pieces;

- Three-room apartments - 9 pieces

For an estimation of efficiency of the given project in the regional market of housing accommodation, on the basis of an acting technique according to expediency of investment projects [19, 62], we will make accounts, proceeding from following indicators:

1. Realisation cost in the regional market of housing accommodation 1м2 - 32500 rbl.;

2. The rent for residing will make in a month:

- - For one-room apartment - 8000 rbl.;

- - For two-room apartment - 12000 rbl.;

- - For three-room apartment - 16000 rbl.;

3. Premises will be equipped by furniture and the engineering necessary for residing;

4. Norm of discount - 10 %;

5. It is necessary to consider charges of the rent house separately;

6. The tax preferential mode for rent houses (provided by projects of Laws) is considered;

7. Following expenses for management of the profitable house are considered:

- - Payment of attendants;

- - Carrying costs to management of the profitable house;

- - Operating repair, seasonal preparation of an apartment house;

- - The sharing contents;

8. The fillability factor is accepted is differentiated for different kinds of apartments;

9. The lease appreciation is mortgaged at constant level of 10 % in a year. Investment expenses for object building will make 170320 thousand

The river, including 12800 thousand river - expenses for the equipment under the profitable house. For today similar projects still remain rare practice of Russia. As consequence, there is no also an authentic statistical information on charges of an apartment house for leasing. In view of the given circumstance for the account of separate types of expenses data of the similar accounts made in the beginning of the XXI-st century in Moscow [50] were used. As a result of modelling of the given project in Microsoft Excel following results have been received:

- Not discounted payback time has made 12,8 years;

- The discounted payback time has made 23,9 years.

On the basis of offered in section 2.2. Methodology we will calculate effectiveness ratio in the regional market of rent housing accommodation, on an example of the given project - table 25.

Table 25 - Effectiveness ratio in the regional market

Rent housing accommodation in the Voronezh area

The indicator name Significance of an indicator
Factor of availability of rent housing accommodation whenever possible hiring Кдост1 = 0,73
Factor of availability of rent housing accommodation under incomes Кдост2 = 0,26
Criterion of availability under residual incomes Кдост3 = 31691 rbl.
Factor of competitiveness of rent housing accommodation Kkonk. =0,87
The factors characterising scales of construction of rent housing accommodation in region Factor of fillability of rent housing accommodation There are no data whereas now the program of development of rent housing accommodation in region is considered, but is not realised

For realisation of accounts the size srednedushevyh incomes of the population of the Voronezh area at level of 28550.6 roubles in a month (data on 1 was considered
January, 2016); data AIZHK that among the families requiring improvement of living conditions about 1/3 parts are potentially ready to live in rent housing accommodation; polovozrastnaja structure domohozjajstv; the assumption, that for an estimation of availability of rent housing accommodation the hire size should not exceed 30 % of aggregate incomes domohozjajstv and other expert judgements.

It is necessary to notice, that the accounts resulted above concern a commercial effectiveness of creation of rent housing accommodation at regional level. Besides it, such projects will have also essential social efficiency. The basic indicators of social effect of building of rent housing accommodation are:

- Creation of additional jobs in building and housing and communal services sphere, in the conditions of reduction in demand for the housing accommodation acquired in the property;

- Level decrease «grey salaries» at the expense of legalisation of the market of rent housing accommodation;

- Growth of equation of regional budgets at the expense of rent payments;

- Increase of level of mobility of socially active population;

- Gain of innovative jobs in the territories having conditions for economic growth;

- Decrease in level of immigration streams at the expense of resettlement of able-bodied population from depressive regions;

- Growth of volumes of investments from the developed countries by granting of housing accommodation by worker and to experts for the period of creation and pre-production operation of objects and training of the Russian experts.

It is necessary to notice, that the received significant divergence between the discounted and not discounted payback time, received during an estimation of a commercial effectiveness of the project of creation of rent housing accommodation, was a consequence of long-term character of the project and stretched in time
Payments from employers. Thus growth of cost of a rent is mortgaged up to the standard discount, that essentially depreciates the payments acting through tens of years. It is obvious, that with such indicators the project will not be interesting to the investor. Thus, increase of indicators of its efficiency is necessary.

3.3. Methods of increase of efficiency of projects of creation of rent housing accommodation

Carried out in the previous paragraph of research the estimation of efficiency of projects of regional rent housing accommodation has shown, that at the chosen parametres such projects cannot be commercially attractive to the majority of the contract companies. At the same time, it is necessary to consider, what even in the developed foreign countries for development of institute of rent housing accommodation sharing of bodies state or local authorities is required. For example, in Canada now use three mechanisms directed on stimulation of the market of rent housing accommodation [165]:

- Maintenance of low-percentage loans for project finance of creation of rent housing accommodation;

- Change of system of the taxation, capable to prevent destruction of the existing market of rent housing accommodation;

- To supply stimulus for fall of charges of rent housing accommodation at the expense of introduction energoeffektivnyh actions.

And. V.Brjantseva [10] offers the following measures conditioning for development of the market of regional rent housing accommodation in our country:

- Creation of a government program of management by the market of rent housing accommodation;

- Open Society attraction «Agency on hypothecary housing crediting» (Open Society "АИЖК") and Open Society «financing Agency
Housing construction »(AFZHS), banks, pension funds in process of project finance of rent housing accommodation;

- Free granting of the ground areas for regional rent housing accommodation;

- Subsidising of private investors from federal and regional budgets;

- Establishment of tax privileges on 10 - the summer period;

- Possibility of allotting credit to 70 % of cost of realisation of projects of rent housing accommodation under the state warranties;

- Granting of a maturity of the credit for the term up to 20 years.

There are also other recommendations about increase of appeal of projects of rent housing accommodation, as objects of the regional markets of the real estate. However in most cases they are not accompanied by account of their efficiency. Furthermore in a question of increase of efficiency of projects of rent housing accommodation it is necessary to take into consideration set of kinds of efficiency for such projects (commercial, budgetary, regional, social and economic, etc.) And wide sections of participants with various interests. It is necessary to notice, that process of creation of rent housing accommodation requires consideration of wide sections of interested persons. So according to the passport of the priority project «Formation and development of the market of rent housing accommodation in the Russian Federation» [81] key participants of process of introduction of rent housing accommodation are: the Ministry of building and housing and communal services of the Russian Federation; Treasury of the Russian Federation; the Ministry of economic development of the Russian Federation; Bank of Russia; government bodies of subjects of the Russian Federation; joint-stock company "АИЖК"; not state pension funds and management companies, including the state management company; large developers.

At the same time, now the role and interests of separate categories of projects of rent housing accommodation in Russia is not defined. One of the major problems
Is balance search between interests of the basic participants of such projects (drawing 33).

Drawing 33 - Directions of maintenance of balance of interests of participants of the regional market of rent housing accommodation

Let's develop the model containing key variables for maintenance of efficiency of the civil-engineering design rent at home for all

Participants. Function of efficiency of the civil-engineering design of the rent house

(Fap.) will depend on set variable (forms. 3):

Rar. (Nkb; ^zeml.; ^ p.; To; Kzap.; Rupr.; Subpayments.; substroit.; Kar.zhil.; Pnaem; 8меб.) (3)

The major variables of the project:

- Nkb - Quantity of handed over apartments;

- Kar.zhil. - characteristics of handed over rent housing accommodation;

- 8земл. - cost of the earth for creation of rent housing accommodation;

- 8стр. - cost of creation of rent housing accommodation;

- 8меб. - cost of the equipment, maintenance with furniture and home appliances;

- To - volume of crediting of the project;

- Kzap. - factor of fillability of rent housing accommodation;

- Rupr. - costs for management of the profitable house;

- substroit. - grants at creation of the profitable house;

- Pnaem - hire of leased housing accommodation of different categories;

- Subpayments. - grants of payment for premises employment.

Thus, for increase of efficiency of projects of regional rent housing accommodation acceptance of the measures directed on favorable change of factors, resulted in the given model is necessary. We will consider, what methods probably to raise efficiency of the project (fig. 34). First of all we will consider, that motoring map realisation on simplification of procedures of reception of the permission for realisation of rent housing accommodation will give to the project.

Decrease in administrative load on the business, considered in paragraph 3.1 will be one of ways of increase of efficiency of projects of rent housing accommodation. It is necessary to notice, that reception of allowing procedures for realisation of rent housing accommodation which considers the World Bank, as base object the warehouse is considered.

Drawing 34 - Methods of increase of efficiency of projects of creation of rent housing accommodation

Apartment houses have essential differences. It is necessary to notice, that depreciation investment obremeneny which average 7 % will be one of resources of depreciation of creation of rent housing accommodation. Such expenses concern moving of citizens at a pulling down of apartment houses, creation parkovochnyh parking, children's playgrounds, gardens, schools, monthly transfers in the city budget on work on an accomplishment and sharing in urban social programs (children's playgrounds for children's homes, etc.) within the limits of agreements of social cooperation with city administration. Also attraction of extra financing is required on the average 4 % from project cost.

On the basis of received in 3.1. Accounts it is possible to draw a conclusion, that the wasteful part of the civil-engineering design of the rent house will decrease on 922 thousand river, and term of reception of permissions will decrease for 234 days. As a result of modelling following results are received:

- Not discounted payback time has made 12,3 years;

- The discounted payback time has made 23,4 years.

Application of the mechanism of a motoring map allows to raise efficiency of the project, however the discounted payback time does not allow to say that all subjects of the regional market of rent housing accommodation will be interested in such building.

As it has been shown above, improvement of indicators of efficiency of civil-engineering designs of rent housing accommodation can be reached set of the ways, one of the major is the state or municipal sharing in the project which can consist in sofinasirovanii, earth allocation, building subsidising. The last circumstance requires during project realisation to apply mechanism GCHP that can cause additional complexity of working out of a payroll department of the project, and also lead to additional expenditures from a public finance [19].

About the possible complexities connected with application of the mechanism of state-private partnership in housing sphere, it is possible to track on the basis of moving of citizens from shabby and emergency housing accommodation. Moving of citizens from shabby and emergency housing accommodation throughout the last decades is one of priority directions of realisation of a housing policy in regions of Russia. Accumulated wear of some objects of the real estate is threat for the population living in them. We will remind, that by results of the analysis which has been carried out in item 2.1 of dissertational research, as a whole on the country specific weight of shabby and emergency available housing for the last five years was reduced about 3 % to 2,4 %. Thus indicators on TSFO it is significant below (1,9 % in 2012; 1,4 % in 2016) at the expense of low specific weight of the worn out available housing in a number of regions. So, in Moscow significance of an indicator in 2016 does not exceed 0,1 %, and the indicator stably decreases.

For the decision of a problem of shabby and emergency housing accommodation programs of federal and regional level are realised. The significant scale of necessary means for realisation of such policy has led to that in
Some regions of the country attempts of attraction of off-budget financing on the basis of the mechanism of state-private partnership began to be undertaken. And if in some regions, such as Omsk, similar projects are realised [86], though have no mass character, in others (for example, Saratov) there are no effective mechanisms of their realisation.

Success of projects GCHP in housing construction is in many respects defined by activity regional and local authorities that should be considered and for projects of rent housing accommodation. Also it is necessary to note a possible role of rent housing accommodation in plans of the decision of problems of moving of citizens from the housing accommodation, recognised unsuitable for residing. The resolution of the All-Russia forum «housing and communal services — new quality» from June, 6th, 2014 contains the recommendation to the Government of the Russian Federation: «to Study a complex of measures on resettlement of citizens from the emergency available housing recognised as that after 01.01.2012, having provided including housing accommodation granting under agreements of social and noncommercial hiring for resettlement from emergency houses of needy citizens and citizens with a low bond yield».

Let's consider, as efficiency of realisation of the project as a result of sharing of the state in such projects on model GCHP will exchange. We will consider 3 following variants of sharing in the project from the state:

- sofinansirovanie 25%стоимости on project realisation;

- sofinansirovanie 37,5 % of cost on project realisation;

- sofinansirovanie 50 % of cost on project realisation.

The estimation of expediency of realisation of the project has been made for offered variants. One of basic criteria on which basis the investor will make of the decision in similar projects, term of its recoupment is. Results of accounts are resulted in tab. 26.

Accounts show, that state financing allows to introduce the project to comprehensible indicators of efficiency. We will consider other two major indicators of an economic estimation of investments for the second and third variants of realisation of the project on account horizon in 20 years:

NPV - the pure discounted income;

IRR - internal norm of yield.

Table 26 - Payback time of the project of creation of an apartment house

For leasing at various level of a state participation

Variants Share of sharing of the state, % from cost readizatsii Payback time, years
Not discounted The discounted
1 25 9,80 17,52
2 37,5 8,67 14,14
3 50 7,2 11,33

The made estimation of efficiency of building of a multiroom apartment house for leasing shows, that on account horizon in 20 years probably to reach comprehensible indicators of efficiency under condition of a state participation in the project. The received results are resulted in tab. 27.

Table 27 - Indicators of efficiency of the project of creation

Apartment house for leasing on principles GCHP

Variants Share of sharing of the state, % from realisation cost NPV, million river IRR, %
1 25 23,4 11,7
2 37,5 42,75 13,6
3 50 62,12 16,9

It is necessary to consider that the object on realisation of rent housing accommodation on the expiration of the indicated term will have a significant reproduction new cost (an object economic life it is accepted equal 50 years). The given circumstance causes two alternative variants of succession of events: or to continue use of object as profitable, or to make commercial sale of apartments.

The project of an apartment house considered above is intended for sale. It is expedient to state an estimation to other possible projects. In research projects from the register of typical design documentation Minstroja are for comparison purposes chosen. Hence, in case of realisation of such project the created housing accommodation will be potential object of the regional market of the rent real estate (table 28).

Table 28 - Basic data for an estimation of efficiency of various types

Projects of rent housing accommodation

The project name Realisation parametres
The project №1

108 room apartment house

Total area of apartments in an inhabited complex 6282,8 м2 total of apartments - 108 units, including:

- One-room - 29 units;

- Two-room - 43 units;

- Three-room - 34 units

- Four-room - 2 units

The project №2

Apartment house for improvement of domestic conditions of art and artistic staff of regional theatrically-entertainment establishments

Total area of apartments in an inhabited complex 7494,23 м2 total of apartments - 150 units, including:

- One-room - 100 units;

- Two-room - 40 units;

- Three-room - 10 units

The project №3

108 room apartment house

Total area of apartments in an inhabited complex 3434 м2 total of apartments - 108 units, including: - one-room - 108 units

On the algorithm applied above (for the project of realisation of a multiroom apartment house in Voronezh) the estimation of efficiency of these projects has been made. Conclusions following the results of an estimation are resulted on fig. 35.

During the carried out research the conclusion that the high share of one-room apartments allows to maximise factor of fillability of housing accommodation is drawn and is the most expedient. Therefore it is expedient to change a parity on:

- One-room - 70 %;

- Two-room - 20 %;

- Three-room - 10 %.

Drawing 35 - Results of an estimation of various types of projects of rent housing accommodation

During the carried out research the conclusion that the high share of one-room apartments allows to maximise factor of fillability of housing accommodation is drawn and is the most expedient. Therefore it is expedient to change a parity on:

- One-room - 70 %;

- Two-room - 20 %;

- Three-room - 10 %.

The project with such characteristics is subjected to an economic estimation, and results are presented in table 29.

Table 29 - the Estimation of efficiency of the offered project of the regional rent house

The project characteristic Basis - the project №3, but with other parity of characteristics of apartments
Tehnikoyoekonomichesky indicators Total area of apartments in an inhabited complex 3434 м2 total of apartments - 90 units, including:

- One-room - 63 units (70 %);

- Two-room - 18 units (20 %);

- Three-room - 9 units (10 %).

Payment for residing at month It is accepted to similarly previous accounts

The project characteristic Basis - the project №3, but with other parity of characteristics of apartments
Variables of the project and the accepted assumptions It is accepted to similarly previous accounts
Indicators of economic efficiency of the project PB - 10,2 years;

DPB - 19,6 years;

IRR - 10,2 %;

NPV - 5,031 million river

Already in a base variant without the state support it has a recoupment acceptable time limit (about 10 years). And state sofinansirovanie at level of 25 % will allow the project to become attractive enough tool for investments (table 30).

Table 30 - Indicators of efficiency of the project of creation

Apartment house for leasing on principles GCHP

Variants Share of sharing of the state, % from building cost Payback time, years NPV, million river IRR, %
PB DPB
1 25 8,9 14,7 37,11 13,46
2 37,5 7,8 12,2 42,75 16,6
3 50 6,6 9,8 71,2 18,9

At the same time similar indicators can be reached only at high fillability of rent housing accommodation, that in the conditions of decrease in incomes of the population can be problematic enough. Estimations show, that at existing level of support of the federal and regional authorities contractors are not interested in erection of a considerable quantity of rent housing accommodation. It is necessary to consider stranovoj risk as in Russia the population has not got used to live in hired housing accommodation. It is possible to assume, with wide practice of application of regional rent housing accommodation, also the mentality of the population in due course will exchange. However in the first years of realisation of the program it is possible to face insufficient demand for rent housing accommodation.

In this case it is expedient to take advantage of experience of other regions. So in the Samara area for realisation of projects of rent housing accommodation
The builder should grant the guarantee settling, the document confirming complete "loading" of rent housing accommodation [138]. Such approach assumes interaction with the enterprises which are interested in granting of rent housing accommodation to the employees. Such approach, however, will not allow to develop in large quantities the local markets of rent housing accommodation as assumes "dot" projects.

One of effective mechanisms of realisation of projects gosudarstvennoyochastnogo partnership on creation of the regional market of rent housing accommodation is the scheme of the postponed tax payments. Preconditions for application of the mechanism of the state support of projects of development of the regional market of rent housing accommodation, on the basis of the postponed tax payments, are resulted in drawing 36.

The mechanism of the postponed tax payments will create for the investor of a condition for reception of additional inflows of means under the project, without inclusion of additional charges from the public party.

The considered projects have target audience levels of population with average returns or below an average. It is necessary to consider, that the rent inhabited real estate will have various payback time depending on for whom it will be intended. On available data the elite real estate in megacities pays off for considerably smaller period, rather than housing accommodation for various strata of society. So on the basis of an estimation of 2 projects in Moscow [20] - the profitable house around station (payback time about 8 years) and a complex of profitable houses of club type «Rublevo - Mjakinino» (project payback time is evaluated in 6-7 years) it is possible to draw an unequivocal conclusion on advantage of such business. It is important to notice, that if in the first case the object belongs to a city, that, in the second - it is erected to private means. It means that projects of the rent real estate are viable within the limits of various organizational-economic schemes of realisation.

145

Drawing 36 - the Mechanism of the state support of projects of creation of the regional market of rent housing accommodation on the basis of the postponed tax payments

In our opinion, it is expedient to conclude the agreement in which its obligation to use an apartment house as profitable throughout not less than 20 years then it can be transferred in other category will be indicated with the private investor. Such condition, on the one hand, will define a state participation in the project, and with other, will allow the investor to receive required economic return from investments. Similar system for

Attraction of investors in projects of realisation of rent housing accommodation in Russia A.V.Golikovoj [21] is offered. It is the so-called mechanism «leaseeback» which is applied in the USA and Europe, but the greatest distribution has received in France. The given mechanism assumes obligations of the investor to lease object of the inhabited real estate on an extent of the certain period of time (for example, 7, 9 or 11 years [46]). After the expiration of this period the housing accommodation can be sold. Advantages of the given scheme:

- Maintenance of high yield for the investor (the housing accommodation pays off some times: first time at the expense of lease, and the second - at the expense of sale), that does such projects highly attractive to builders;

- For tenants there is a possibility to redeem housing accommodation in which they lived, having saved a habitual residence.

Concerning current conditions of realisation of projects in Russia such scheme can face legislative restriction as definition of "the multiroom rent house» comprises impossibility of alienation of separate apartments in the property on all extent of life cycle of the project. And if for the objects erected at least partially at the expense of public funds, it is requests can be considered logical for completely private investors it will create essential restriction.

That the project of creation of the profitable house was effective, fulfilment of following conditions [85] is necessary:

- Availability of support from the state in the form of the non-repayable grant for ground area acquisition;

- Granting a credit on easy terms on its realisation;

- Readiness of the investor for long payback periods and low interest VND;

- 100 % fillability of the profitable house;

- The unearned income from 1 apartment - not more low srednerynochnyh rent rates.

But other approaches to increase in appeal of projects of rent housing accommodation are possible also. For stimulation of projects of rent housing accommodation it is expedient to take advantage of institute sekjuritizatsii. The bargain sekjuritizatsii rent streams will look as follows [133]:

1. There is a special company (the hypothecary agent).

2. The bank grants the proprietor proceeds of credit on the security of real estate and choses in possession under leases.

3. The bonds supplied with a real estate, take places in the bonded market and are carried out by forces of the hypothecary agent.

4. The obtained money resources act to the hypothecary agent who then transfers them in bank for real estate payment.

5. Leasers of the real estate transfer rent payments into account the service agent who transfers their hypothecary agent.

6. The hypothecary agent from a cash flow generated by receipts from lease, makes paying interest and paying to off bonds.

Allocation of long-term credit resources will be one of the most actual methods of maintenance of a financial realizability of projects of creation of rent housing accommodation. Throughout the last years to such activity actively attends AIZHK. Thus other institutes, including banking establishments, do not show some significant activity in the given segment of the credit market.

Researchers [74] consider expediency of creation of studio apartments for use as rent housing accommodation. The choice of such type of housing accommodation will allow to lower cost of their creation because in such objects there are certain constructive parts (in particular no part of partitions). Such type of objects is used in foreign countries. The important problem is allocation of the ground areas under rent housing accommodation. In case of preferential allocation of the earth for the builder it can is essential
To lower cost of realisation and positively to be reflected in efficiency of the project as a whole.

The researches considered in the given paragraph allow to speak about availability of set of methods of stimulation of development of the local markets of rent housing accommodation in Russia. At the same time, it is necessary to recognise, that process now stagniruet, not only in view of difficult economic conditions in many regions Russian Federations, but also in view of the insufficiently deeply studied scientific and methodical maintenance of the given direction of realisation of a housing policy.

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A source: Sysoyev Denis Eduardovich. CREATION And DEVELOPMENT of the REGIONAL MARKET of RENT HOUSING ACCOMMODATION. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Voronezh - 2018. 2018

More on topic 3.2. Working out of regional programs of development of the market of rent housing accommodation (on an example of the Voronezh area):

  1. Scientifically-methodical maintenance of working out of programs of formation and development of the regional market of rent housing accommodation
  2. CHAPTER 2. METHODICAL MAINTENANCE OF WORKING OUT OF REGIONAL PROGRAMS OF DEVELOPMENT OF THE MARKET OF RENT HOUSING ACCOMMODATION
  3. Sysoyev Denis Eduardovich. CREATION And DEVELOPMENT of the REGIONAL MARKET of RENT HOUSING ACCOMMODATION. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Voronezh - 2018, 2018
  4. CHAPTER 1. THEORETICAL BASES OF REALIZATION OF THE HOUSING POLICY OF RUSSIA WITH ALLOWANCE FOR DEVELOPMENTS OF THE MARKET OF RENT HOUSING ACCOMMODATION
  5. modern lines of development of the local markets of rent housing accommodation
  6. 3.2. Working out of the concept of development of national system of financing of housing construction and housing accommodation acquisition.
  7. Rent housing accommodation as the tool of the decision of modern problems in housing sphere
  8. 3.1. The State regulation directed on improvement of an enterprise climate in the regional market of housing accommodation
  9. research of practice of creation of rent housing accommodation in regions of Russia
  10. CHAPTER 3. INCREASE OF EFFICIENCY OF REALIZATION OF RENT HOUSING ACCOMMODATION IN REGION
  11. 1.3.1. Demand formation in the housing accommodation market
  12. 1.3.2. Formation predlozhenijana the housing accommodation market
  13. 3.1 Condition and prospects of development of the regional market of higher education of Kursk area
  14. 2.2 Monitorings of a state of the art and an estimation of potential of development of the local market of meat and meat production (on an example of the Voronezh area) [60]
  15. 1. TEORETIKO-METHODOLOGICAL ASPECTS of HYPOTHECARY CREDITING of PURCHASE of HOUSING ACCOMMODATION In MARKET ECONOMIC SYSTEMS
  16. AGAFONOV SERGEY MIHAJLOVICH. WORKING out And REALIZATION of the REGIONAL SOCIAL AND ECONOMIC ADJUSTMENT POLICY of the LABOUR MARKET. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Voronezh - 2019, 2019