Kosy urban areas in Thai Nguyen are behind schedule: People are waiting in vain (part 1)

Once promoted as two modern urban areas, creating new urban spaces, the projects invested by Kosy Joint Stock Company in Gia Sang Ward and Song Cong Ward have attracted hundreds of customers with firm commitments on progress, infrastructure and legality. But after nearly 5 years, instead of a complete urban area, in both of these projects, many locations are still messy land, infrastructure has not been formed synchronously, the site is still stuck; people have not received land use right certificates...

Part 1: The investor has not fulfilled all responsibilities

The problems in the Kosy Beat Gia Sang Urban Area Project and the Kosy Song Cong Urban Area Project are not only slow progress but also disputes about agreements in capital contribution contracts, financial obligations and commitments between the two parties, which are making buyers increasingly worried and insecure.

The Kosy Beat Gia Sang Urban Area project was once advertised as creating a highlight in urban infrastructure in Thai Nguyen , but after 5 years it still has not been completed.

Caught between promise and reality

Project Urban Area No. 11, Gia Sang Ward (commercial name is Kosy City Beat Urban Area), was once advertised to create a highlight in urban infrastructure, causing the Thai Nguyen real estate market to "stir up", many investors from many places flocked to buy with the belief that the infrastructure would be completed quickly, the value would increase with the transformation of the city, besides that many people also came with the hope of having a place to settle down. But until now, everyone has fallen into a state of restlessness.

At the Kosy City Beat Gia Sang Project, many customers said they had signed an agreement and paid up to 95% of the land value since 2020 - the time when the investor advertised that the infrastructure would be completed and the site would be handed over in 2023. However, nearly 5 years have passed, and they still have not received the land.

A typical case is that of Ms. Do Thu Huyen, Phan Dinh Phung ward. After learning about the Kosy City Beat Gia Sang project, in 2021, Ms. Huyen paid nearly 1.8 billion VND (equivalent to 95% of the total value of the land) to register to buy the land lot coded LK09-08, area 129.6m2 in the planning area of ​​the project, with the investor's commitment to hand over the land to her family in 2023.

However, up to now, the land according to Ms. Huyen's agreement is still located in an area that has not been cleared, overgrown with grass, no boundary markers, and no official notice from the investor about the time and progress of the project implementation.

“We are people who need to buy land to build a house, but from the time we contributed capital until the time of commitment, we still have not been handed over the land to build a house. We have asked the Project Management Board many times but they only promised month after month. We do not know where to turn. For the past 5 years, my husband and I have had to live at our parents' house" - Ms. Huyen was upset.

Ms. Do Thu Huyen, Phan Dinh Phung ward, reported to reporters about the slow progress of the Kosy Beat Gia Sang Urban Area Project.

Also in a similar situation, 4 years ago, Mr. Do Duc Ban, Gia Sang ward, paid more than 4 billion VND equivalent to 95% of the value of two plots of land with the desire to build a house for his two daughters to get married and live separately near their parents to rely on in their old age. Mr. Ban said: From 2021 until now, the purchased land location is still only on the project's planning map, but in the field, it is still just an empty space with overgrown grass and no infrastructure. Although many times the project management board has made recommendations, no one dares to confirm when the site clearance will be completed.

According to the feedback of many customer groups, currently at the Kosy City Beat Gia Sang Project, there are about 60 residents and investors who have paid hundreds of billions of VND to the Project Management Board to negotiate to buy about 80 plots of land in the Project's planning, but up to now, all of them have fallen into the situation of not having land handed over in the field, without "red books" and without clear legal commitments on progress.

Not only at Kosy City Beat Gia Sang Project, Kosy Song Cong Project, this situation is also happening with some residents. Many households have completed their financial obligations for a long time but have not yet been granted land use right certificates.

What makes people confused is: many adjacent lots have been granted red books and residents have settled down, but the remaining lots are still "stuck" waiting. Mr. Dao Duy Huan, Group 7, Tich Luong Ward, said: They promised to have it at the beginning of the month, then announced to postpone it to the end of the month and then to the following month. For many years, we have only heard that one sentence...

Economic losses, legal risks and affected investment environment

The Kosy City Beat Gia Sang project was approved by the Thai Nguyen Provincial People's Committee in 2020 with a total investment of more than 700 billion VND and an area of ​​nearly 20 hectares. According to the plan, the technical infrastructure must be completed by April 2023 and the red book will be issued in the period 2020-2023.

Due to various reasons, the Provincial People's Committee approved the first extension of this project in 2023 and the second in October 2025. However, up to now, many items are still unfinished and the site clearance has not been completed.

People gathered to protest against the investor of Kosy Beat Gia Sang Urban Area Project.

The investor explained the reason was due to difficulties in compensation and resettlement support. Kosy collected up to 95% of the land value while Article 55 of the 2014 Law on Real Estate Business clearly stipulates: investors can only mobilize capital when they have completed the construction of technical infrastructure according to the approved schedule and ensure the conditions for transferring land use rights.

Many households are suffering financial losses, having to pay monthly bank loan interest while the land cannot be built on or traded. Many families have to continue renting houses and face increasing property risks.

Investors and people are in dire need of active participation from local authorities and functional agencies to completely resolve these problems, ensuring legitimate rights after many years of "delays" by investors.

Source: https://baothainguyen.vn/ban-doc/theo-dau-thu-ban-doc/202512/cac-khu-do-thi-kosy-tai-thai-nguyen-cham-tien-do-nguoi-dan-cho-doi-trong-mon-moi-ky-1-f427091/