RDI is among the leading developers in the region

08/ 04

The governor of Moscow Region has conducted a meeting with representatives of the construction industry. The meeting was attended by leading developers of the region. General Director of RDI Sergey Korotchenkov was among the invitees.

Relevant issues concerning the town development policy of Moscow Region, the general situation in the construction industry market were discussed at the meeting.

The governor of Moscow Region talked about the authorities’ plans pertaining to the development of the industry in the new economic conditions and said that developers can count on their overall support within the framework of the existing legislation.

The attendees discussed the importance of the mortgage government support program as a separate issue. This up-to-date initiative has justified itself, which fact is confirmed by the growth of the demand in the market. The governor of Moscow Region was the first to suggest subsidizing the mortgage rate for the purchasers at the level of 12%-14%. In January Andrey Vorobiev put forward his idea to the Russian President. As a result the government responded to the initiative and applied it to the entire country.

During the discussion of the taxation matters the attendees requested that the governor should consider the possibility of tax breaks for the purposes of construction and commissioning of the social infrastructure. At present the existing laws do not permit to the developers to refer such costs to the taxable basis. The governor issued the instruction to develop the proposal and escalate it to the federal level.

Briefly in figures:
The capacity of the housing market in Moscow environs is about 1 trillion rubles. Annually from 450 billion rubles to 770 billion rubles are accounted for by the shared construction participants, the mortgage makes up about 500 — 800 billion rubles. All industries, including allied ones, which are encompassed by the construction sector, bring up to 23% receipts into the budget of Moscow Region.

The amount of RDI’s investments into developing projects exceeds 135 billion rubles. The company’s current developing portfolio comprises 7 projects with the total area of 2.6 million square meters. RDI is a member of the Charter on interaction and cooperation between the Government of Moscow Region and investing developers.