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Publication permit No: 60/GP-TTĐT , April 05, 2010.
Land trading seen more difficult in future
Date: 12/4/2016 12:06:28 AM
Trading of urban land may face a lot of difficulties in the future as the Ministry of Construction is considering banning the division of land into smaller lots for sale, a practice widely seen in residential area development projects.
The ministry has passed a proposal to the Government to do away with the sale of land lots in new urban areas, and force housing developers to turn out finished homes for sale to customers.
Le Hoang Chau, chairman of the HCMC Real Estate Association (HoREA), has thrown support behind the proposal, saying this was not a new matter as a ban had been in place in HCMC for long.
“It’ll be a big waste if the developer of a residential project invests much money in infrastructure such as electricity, water and roads and then lets land with sufficient such infrastructure be deserted,” Chau told the Daily.
Chau said there should be an economic measure or a tax policy dealing with the deserted residential areas.
“It will be more effective if the Government uses a taxation measure rather than an administrative decision (to solve the problem),” he said, adding homebuilders should be given a certain period of time, say, two years to get their projects done.
Tran Minh Hoang, chairman of Vinaland Invest Corporation, shared Chau’s views, saying dividing land into small lots for sale would cause a waste of land resources and investment capital.
This is because most lot owners are investors who have no immediate need for a home.
Hoang said some new urban areas in HCMC’s neighboring provinces such as Binh Duong and Dong Nai looked more like abandoned land. Some projects in HCMC, such as those in District 2, have been left deserted for years.
However, the Construction Ministry’s proposal is unnecessary since Government Decree 71/2010/ND-CP, which took effect in August last year, mentions this issue.
The decree bans investors from transferring their capital contribution contracts for house construction to others before the foundation of the project is completed, and requires developers to finish their housing projects before a sale is launched.
Commenting on the proposal, the director of a property company described a ban on land division for sale as necessary, but proposed giving housing developers some time to complete their projects.
She said the developer of a big urban project could not afford to build massive numbers of homes before the launch of any sale.
Not all land lot buyers are speculators, she noted, adding many might have bought land lots for future housing needs, long-term investment or for their children.
She suggested the authorities should gauge housing demand in the area where a housing project is proposed before they decide to license the project.
(Source:english.thesaigontimes.vn)
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