Real estate projects will be published on the portal of HCMC People’s Committee and Construction Department.
On October 14, HCM City People’s Committee approved the proposal of the Department of Natural Resources and Environment on issues related to apartment projects in Ho Chi Minh City. Accordingly, the real estate projects after being approved by the authorities must be publicized on the portal of the People’s Committee of Ho Chi Minh City and the Construction Department.
At the same time, information on housing eligible for sale, lease purchase, mobilize capital … Construction Agency advised the HCMC People’s Committee issued specific regulations on the management and use of condominiums, and resettlement houses according to the current law provisions.
HCMC People’s Committee also assigned the Department of Justice to deploy and thoroughly practice the notary practice strict inspection of the housing project when notarization, ensuring compliance with the current law. The provincial/municipal Justice Services shall also have to inspect and strictly handle violations according to regulations.
According to Le Minh Hoang Long, Department of Business Administration, University of Banking HCMC buyers are facing many obstacles in information and legal. For flat products, usually the information will provide one-way from the owner or broker of the floor. When the project is not completed, the quality and legal information of young people do not have the experience to verify, but mainly rely on consulting staff, a reputation of the owner or ask relatives, friends.
According to research by Vinareasearch, legal issues are the primary concern of customers when buying apartments, because psychology for the first time used large amounts of money to buy assets. However, the experience is not much, the buyer does not know the legal access channels as announced by the Department of Natural Resources and Environment on the mortgage projects.
Investors do not disclose the information under Item 3, Article 36 of the 2005 Housing Law on detailed planning, number of houses sold, the rest or documents such as construction permits, construction permits, The minutes of completion of the hand-over and recognition items eligible for opening and selling of projects.
****Update on new information on the real estate market in Vietnam here: Vietnam real estate market
“It’s the information barrier and the lack of experience that leads customers to trouble later. If the HCMC People’s Committee discloses information on real estate projects, the risk of homebuyers will be significantly reduced, “Long said.
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