Cu Chi: ‘Break the fence’ to sell the project land in Binh My Riverside and Binh My Center

The projects of Binh My Riverside and Binh My Center have been open for public sale for many months but the investors have not yet completed the technical infrastructure, not ensuring the legal status of real estate business formed in the future, according to the Real Estate Business Act in 2014.

Not accepted for sale

Binh My Riverside and Binh My Center are two large-scale block sales projects located in Binh My Commune, Cu Chi District, Ho Chi Minh City. Ho Chi Minh City by Lan Phuong Trading Company Limited as the investor. Binh My Riverside was advertised as “fire in the open” (December 10, 2017) with the enthusiastic support of more than 200 customers, sold out after 2 hours of sale.

At the same time, Binh My Center project was also launched by businesses. According to my understanding, Binh My Center is divided into two phases: Phase 1: Officially accept booking 133 ground from January 12, 2018 and open sale on March 18, 2018. Stage 2: booking 66 ground.

Journalists in both projects in Lan Phuong have not completed the technical infrastructure, the People’s Committee of Cu Chi District also has not approved documents approved items.

Binh My Riverside project, the investor just conducted the first stage of leveling. Items required to be completed in accordance with the law to allow the sale of projects including power systems, roads, drainage system … have not been built.

The situation at Binh My Center project is even worse. At the project, the investor just leveled the road, most of the remaining area is concave field concave.

 the infrastructure is still rundown

Although the infrastructure is still rundown, but the investors of two projects Binh My Riverside and Binh My Center have spared the capital mobilization law

Investor acknowledged not qualified

At present, Lan Phuong has made transactions with customers by the method of collecting money “booking voucher”, “receipt” money “supplement booking fee”. This is a form of illegal capital raising, high risk for customers.

Company contact, a representative Lan Phuong confirmed the project has a legal profile. He admitted having booked and said that this was a civil agreement and the parties were voluntary. The project is collected money according to the progress of infrastructure, but not collected once.

~~>>Update on new information on the real estate news in Vietnam here: Vietnam real estate news

He acknowledged that both of Lan Phuong’s projects were not approved by the provincial departments. “When we complete the technical infrastructure, we will invite Cu Chi District to check,” he said.

Article 55 of the Law on Real Estate Business stipulates the conditions of future real estate to be put into business: “There are papers on land use rights, project dossiers, construction drawing designs. approved by competent authorities, construction permits, for cases where construction permits and papers on the completion of construction of technical infrastructures are required according to the project tempo. In the case of condominiums, mixed-use buildings are intended to be in the future, there must be an acceptance report that has completed the foundations of the building. “Thus, both Binh My Riverside and Binh My Center are “tearing up” the illegal capital mobilization of buyers.

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