Review and complete the draft decree on real estate business and apartment building reconstruction

Determine criteria for small-scale real estate business

Regarding the draft Decree detailing a number of articles of the Law on Real Estate Business, Deputy Minister of Construction Nguyen Van Sinh said that the drafting agency has accepted and supplemented regulations allowing the transfer of existing real estate sales contracts but not yet granted a certificate of right to use; decentralizing the provincial People's Committee to organize examinations and issue practice certificates; developing contract templates in the appendix issued with the Decree;...

Notably, delegates spent a lot of time clarifying and unifying regulations on individuals doing small-scale real estate business; not for business purposes and below small scale according to criteria on contract value, number of sales and transfers of real estate in 1 year.

Representatives of associations and real estate enterprises have provided additional comments on the transitional handling regulations for cases with outstanding credit and bond balances exceeding the provisions of this Decree; additional sanctions for real estate business management agencies that do not comply with their authority in carrying out procedures to notify future housing that is eligible for sale or lease-purchase, etc.

Considering that the Ministry of Construction has fully absorbed the contributions of ministries, localities, associations, and enterprises, Dr. Can Van Luc proposed to add regulations to determine the threshold of real estate market fluctuations to the point where solutions to regulate the real estate market must be implemented.

Deputy Prime Minister Tran Hong Ha requested the Ministry of Construction to absorb and institutionalize the implementation time of steps and procedures for regulating the real estate market, ensuring feasibility, timeliness and suitability.

Protecting the rights of residents on the first floor of renovated and rebuilt apartment buildings

Sharing practical experiences in the process of implementing projects to renovate and rebuild apartment buildings, leaders of the People's Committees of Hai Phong City, Da Nang City, and Ho Chi Minh City expressed their high agreement with the content and feasibility of the draft Decree detailing a number of articles of the Housing Law on renovating and rebuilding apartment buildings.

The representative of the Vietnam Real Estate Association proposed to supplement the regulation that the Provincial People's Council promulgates a special incentive mechanism for the locality when participating in the renovation and refurbishment of apartment buildings in the area; ensuring the rights of apartment owners on the first floor before the apartment building is renovated or rebuilt in case the project has or does not have a business area on the first floor; the principle of ensuring that owners of apartments with an area smaller than the prescribed area are compensated and resettled.

Concluding the meeting, the Deputy Prime Minister requested the Ministry of Construction to seriously absorb and complete the comments; coordinate with the Ministry of Justice to urgently review the entire content of the two draft decrees and drafting techniques, ensuring the highest quality before submitting them to the Prime Minister for consideration and promulgation.