Housing and real estate data system must be synchronized with the Land Law (amended)

On the afternoon of June 23, the National Assembly discussed the draft Law on Real Estate Business (amended) in a plenary session at the hall.

Housing and real estate data system must be synchronized with the Land Law (amended)

Speaking at the meeting, Delegate Ta Dinh Thi - Hanoi City National Assembly Delegation expressed his agreement with the draft Law on Real Estate Business (amended) submitted to the National Assembly. The Delegate said that at this 5th Session and the 6th Session, the National Assembly will consider and pass 3 closely related laws, namely: Land Law (amended), Housing Law (amended) and Real Estate Business Law (amended).

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According to the Delegate, one of the information that runs through these three draft laws is the information system and database. This is very important information in state management. The Delegate believes that the draft Law on Real Estate Business (amended) needs to carefully review the content of Chapter 8 on the construction and management of housing and real estate market information data to synchronize with the draft Law on Land (amended).

Delegate Ta Dinh Thi proposed to take the database information system in the Land Law (amended) as the root and basis for designing, operating and managing the information system on the real estate market.

At the same time, there needs to be regulations and coordination mechanisms between the natural resources and environment sector and the construction sector to operate the two information systems above, ensuring connectivity, transparency and efficiency.
In addition, the issue of public disclosure and transparency of information about real estate projects has received public attention, therefore, it is necessary to have communication and share information about these projects with state management agencies.

Protecting the rights of home buyers if the state reclaims land

Participating in the discussion session to complete the draft Law on Real Estate Business (amended), delegate Pham Van Hoa, National Assembly Delegation of Dong Thap province, said that real estate business has the main purpose of seeking profit, however, Clause 3, Article 10 includes cases such as: construction works, real estate transfer due to bankruptcy... which are not types of real estate business, not seeking profit. The delegate suggested that the drafting agency study and adjust accordingly.

In addition, for housing and real estate business projects related to the Land Law and Housing Law, delegates suggested that it is necessary to unify which law is the main one, and other related laws are only referenced to ensure consistency in the legal system.

Emphasizing the need for regulations on real estate business conditions, the delegate said that it is necessary to clearly understand the financial capacity of investors and protect the rights of buyers and tenants. The delegate reflected that in recent times, many investors have low equity capital, mainly bank capital, and when an incident occurs, it will cause serious consequences for buyers and banks.

However, the draft Law only stipulates that investors must have capital of no less than 20% of the total investment capital for projects under 20 hectares, and no less than 15% of the total investment capital for projects over 20 hectares. Delegates said that it is necessary to clarify whether this area limit is for each project, or calculated in total for all projects.

Regarding the conditions for housing and construction works put into business, delegates said that it is necessary to regulate that construction works on land with the form of land use that is allocated or leased by the state, with a one-time payment for the entire lease term, are allowed to be sold or leased, while those with annual rental payments are only allowed to be leased, not sold, to protect the rights of buyers when the state reclaims land.

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