People are upset because they bought real estate for many years without getting a certificate.

National Assembly Delegate Nguyen Thi Hong Hanh (HCMC) questioned the Minister of Construction about the fact that recently, there have been many violations in the implementation of real estate business projects; many criminal cases were prosecuted due to violations of the law when signing contracts that did not meet the conditions for capital mobilization, did not meet the conditions for transactions, transfers, one asset but transferred to many people, capital mobilization in the form of principle contract agreements for sale, deposit contracts, and registration and reservation agreements.

Residents at TDH River View apartment building (lot H) in Binh Chieu ward residential area, Thu Duc city (invested by Thu Duc Housing Development Joint Stock Company) are also waiting for their pink books - Photo: Quoc Bao

According to delegate Hanh, Ho Chi Minh City has many projects that cannot issue certificates of house ownership to buyers even though they have been living in the apartments for many years, causing public anger, fierce complaints, and affecting local security and order. The above violations are caused by the lack of sanctions and legal corridors to prevent and control capital mobilization and asset transfer of real estate businesses.

Delegate Nguyen Thi Hong Hanh requested the Minister of Construction to assess the above-mentioned violations of the law and propose solutions to build a safe legal corridor, harmonizing the interests of businesses and buyers.

Responding to this issue, the Ministry of Construction said that the real estate market has developed strongly in recent times, contributing to promoting the country's socio-economic development, meeting the needs of businesses and people. However, the market has also revealed a number of shortcomings and problems, including investors mobilizing capital from home buyers when housing projects are not eligible for capital mobilization, circumventing the law on capital mobilization through deposits... leading to difficulties in completing procedures, and not being able to hand over the Certificate of house ownership and land use rights to buyers.

According to the Ministry of Construction, there are many reasons for investors circumventing the law to mobilize capital when they do not meet legal conditions, including some direct causes such as: Current laws are not yet complete and consistent to ensure thorough prevention of acts of circumventing the law to mobilize capital in real estate transactions; the capacity of real estate project investors has not been well screened, the understanding of the law and compliance with the law of real estate business organizations and individuals is not high, there is a mentality of chasing profits; information about the real estate market is not yet transparent; inspection, examination, dissemination of laws, and supervision of compliance with legal regulations in real estate business activities have not yet met the requirements of real estate market management.

Regarding solutions to limit the circumvention of capital mobilization laws and control the real estate market to ensure safety and stability, recently, the Ministry of Construction and local Departments of Construction have implemented the task of inspecting and examining real estate business activities and handling violations. The Ministry of Construction has organized inspection teams to inspect the implementation of housing and real estate market policies and laws in localities according to the assigned state management functions and tasks. Through inspections and examinations, in addition to handling violations, competent authorities have also discovered a number of shortcomings and limitations in real estate market management and requested localities to overcome them.

The Ministry of Construction has developed and submitted to the Prime Minister for promulgation Directive No. 13/CT-TTg dated August 29, 2022 on a number of solutions to promote the safe, healthy and sustainable development of the real estate market. In which, the Prime Minister requested ministries, branches and localities to implement many solutions to contribute to stabilizing the real estate market and real estate prices to ensure the safe, sustainable and healthy development of the market; review legal provisions to resolve legalization of violations, at the same time objectively assess, identify causes, and have mechanisms to remove practical obstacles.

Currently, the Ministry of Construction is presiding over the drafting of the revised and supplemented Housing Law and the revised and supplemented Real Estate Business Law. In the drafts of the above-mentioned revised and supplemented Laws, attention has been paid to the development of a system of regulations to provide synchronous and comprehensive regulations between creating mechanisms and favorable conditions, while also ensuring strict management and supervision of compliance with security measures in future real estate transactions; strict and practical regulations on the conditions of real estate put into business, etc.

Source: https://nld.com.vn/kinh-te/dan-buc-xuc-vi-mua-bat-dong-san-nhieu-nam-ma-khong-duoc-cap-so-20230212145050421.htm