No Comments

How Is Condominium Built Newly When Expiration Date?

condominiums have expired

Representatives of the Ministry of Construction said that according to current regulations, people have the right to choose how, as well as investors to rebuild when the condominium expires.

In fact, no building has ever existed without repairing, whether it is a home or condominium. Currently, the 3rd circular of the Ministry of Construction regulates on the duration of using the house which has specified: Level 3 construction will have fatigue life of 30-50 years; level-II construction have a duration of 50 – 100 years and Grade-I construction for more than 100 years. At the end of the term of using, the building may be damaged, degraded, forced to demolish for rebuilding.

>>> You can read more: The Process Of Buying And Selling Houses With A Red Book

condominiums have expired
When buying apartments, people will be issued a pink book, is proof of ownership of the apartment for a long time

Many people said that it is necessary to buy individual houses and land to ensure permanent ownership. Analysts say that when buying apartments, people will be issued a pink book which means proof of ownership of the apartment in a long time. If 50 years or 100 years later, when the condominium projects expired, downgraded, rebuilt, the people still have the same ownership.

In addition, you can refer information at: Vietnam Real Estate Law

Experts also assert that condominiums will be the indispensable trend in urban areas because this type is suitable with the coefficient of using land and synchronous planning in modern urban areas. So, in terms of ownership, the buyers can be completely assured.

Representatives of the Ministry of Construction said that according to current regulations, people have the right to choose how, as well as investors to rebuild when the condominium expires.

You are reading the article How Is Condominium Built Newly When Expiration Date? in the Real Estate category at www.realestatevietnam.com.vn/. Any information sharing, feedback please email to info@realestatevietnam.com.vn, Hotline 0909890897 (24/7).
Special thanks!

How Is Condominium Built Newly When Expiration Date?
Review

Comments (0)