Reduce risks when buying real estate.
Starting in March, real estate properties will be assigned unique electronic identification codes according to Government Decree 357 on the construction and management of information systems and databases on housing and the real estate market. This means that each house (apartment or detached house) and real estate within a construction project will have its own "digital identity card," integrating complete legal information, usage status, and transaction history. The main goal is to increase transparency in the real estate market.
The local Department of Construction will be responsible for attaching electronic product identification codes to residential real estate projects within its jurisdiction.
In a short time, each house will have its own unique identification code. At that point, the information homebuyers will receive will not only include the house's size and orientation, but also detailed information such as its previous transaction history and selling price, or whether the house is mortgaged to a bank or affected by any zoning plans. This is all essential information, but until now, homebuyers haven't always had easy access to it.
The biggest goal is to increase transparency in the real estate market.
Deployment of real estate identification codes begins.
According to reports, some localities have begun implementing the initial steps of assigning real estate identification codes. Given the large number of houses, land plots, and real estate projects on the market, this is a task that will require a certain amount of time to complete.
Approximately 50% of businesses undertaking real estate projects in Bac Ninh have been granted accounts on the common information system, enabling them to take the first step of declaring identification codes for their housing products.
Mr. Nguyen Tuan Dung, Deputy Director of the Department of Construction of Bac Ninh province, said: "Based on that, the Department of Construction will verify and review the information. If the information meets the regulations, it will be reported to the Provincial People's Committee and integrated into the housing and real estate information system of the Ministry of Construction ."
Many real estate projects have thousands of units. The volume of declarations required to implement the identification code is enormous. However, businesses argue that this is absolutely necessary. For example, the current valuation for land use fee payments is based on market prices. In the past, the inflated land prices in many areas have significantly impacted businesses.
Mr. Vuong Thanh Tung, Deputy General Director of Lam Son Construction and Trading Company, commented: "After inflating prices, speculators often withdraw quickly, leaving investors with losses during the land use fee payment process and forcing them to set higher prices. Identifying real estate properties greatly assists investors and government agencies in ensuring that land use fees are paid at the correct price that the market is seeking."
Some businesses say that when real estate identification codes are made public on a common system, they can use them to calculate which housing segments are in surplus or shortage. This allows them to plan investments accordingly, avoiding situations where houses are built but cannot be sold.
Mr. Nguyen Thanh Trung, General Director of Archi Group Joint Stock Company, commented: "I highly appreciate the strategic management capabilities of the entire real estate development industry, the increase in value of each property in each geographical area and segment. There will be policies to develop infrastructure, attract investors, offer investment incentives, and provide appropriate recommendations for investors, making it increasingly unlikely that the market will have unsold inventory."
Mr. Bui Duc Quang from Ninh Binh province said: "Avoid speculative investments that inflate prices and increase investor confidence. Properties with weak legal status will face risks and are very difficult to invest in."
After the business's declaration information is approved by the local Department of Construction, the identification code for each property begins to be generated. Some localities have stated that to look up the identification code of each property, people need to wait a while longer for the authorities to approve and update it on the system.
A transparent real estate market where buyers no longer worry about the risks of buying property at high prices, or facing planning or legal issues…
Removing obstacles to issuing real estate identification codes.
A transparent real estate market, where buyers no longer worry about the risks of overpaying or encountering planning or legal issues… This is something many people have long awaited. Therefore, the implementation of real estate identification codes is expected to create a new impetus for the housing market this year. This is also an important basis for tax authorities to manage transactions and prevent the phenomenon of selling houses at two different prices. The implementation process is being accelerated in localities.
Some localities have reported that, since the beginning of March, the implementation of real estate identification code declarations has mainly focused on houses and land in new housing projects built by developers. The declaration of individual residential land and houses is still awaiting further guidance.
Mr. Nguyen Tuan Dung, Deputy Director of the Department of Construction of Bac Ninh province, said: "For older projects that lack specific and detailed guidelines for planning with identification codes, the Department of Construction hopes that in the coming year, the Ministry of Construction will continue to research and improve the system so that identification codes can be assigned to older projects as well, while simultaneously assigning identification codes to individual housing projects to ensure consistency and uniformity in the future."
As soon as Decree No. 357 came into effect, some businesses established separate departments to register real estate products on the system. With a large number of properties from various projects, businesses proposed the need for additional training and guidance from relevant authorities.
Mr. Pham Tien Dung, Director of Cat Tuong Joint Stock Company, shared: "There needs to be relatively detailed and specific guidance, along with support for businesses in the new phase. Businesses are easily susceptible to situations where they lack the capacity to implement, make mistakes during implementation, and experience network congestion."
For businesses involved in distribution and sales, identifying real estate properties with specific codes will provide accurate information to homebuyers. They are eagerly anticipating data interoperability across all provinces and cities.
Ms. Nguyen Thi Thuy Linh, Deputy General Director of Sales at G.Empire Real Estate Joint Stock Company, commented: "A person can own multiple properties, each located in different localities. Therefore, previously, the linking of information and transparency were lacking. I hope that the information transmitted between localities will be reliable and accurate."
To have a comprehensive real estate identification system, many also suggest that assigning property identification codes requires close coordination among management agencies, from tax authorities and land registration offices to banks. This ensures that data is interconnected, avoiding fragmentation, overlap, or duplication, which could lead to inaccuracies in future searches.
How will citizens look up the property identification code after it is generated? According to the guidelines of Decree 357, citizens can submit requests for exploitation rights online through the administrative procedures processing system. The Ministry of Construction will review the request within no more than 7 days and notify the decision on granting the right; in case of refusal, the reasons will be clearly stated so that citizens are informed.
Source: https://vtv.vn/go-vuong-cap-ma-dinh-danh-bat-dong-san-100260304234725531.htm
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