If investors do not submit documents to issue 'red books' to residents, they may be fined 600 million VND

The Ministry of Construction is seeking comments on the Draft Decree regarding regulations on administrative penalties for construction violations. In this draft, the Ministry of Construction proposes a fine of VND800 million - VND1 billion for some violations.

Specifically, the investor did not disclose information about mortgages on houses, construction works, floor area in the works, land use rights, and real estate projects put into business;

Illustration photo. (Source: ST)

Putting real estate into business without meeting all the conditions; Transferring real estate business contracts of projects that do not meet the conditions; Transferring the entire or part of a project that does not fully meet the conditions. For this act, the investor will also have their business suspended for 3-6 months for projects that violate the law.

In case the investor signs a capital mobilization document and mobilizes capital for housing development without sufficient conditions, he/she may be fined 600 - 800 million VND. It is known that previously, Decree 16 did not have a fine frame at this level.

If the investor does not submit a request to the competent state agency to issue a red book to the real estate buyer, he or she may be fined 400 - 600 million VND.

In case the investor of a housing business, construction works and land use rights with technical infrastructure in the project is not in the correct form, and transfers the whole or part of the project in the wrong form or without following proper procedures, he/she shall be fined 300 - 400 million VND.

If the investor receives payment from the real estate buyer without going through an account opened at a bank, he will be fined from 200 to 260 million VND.

If the investor's deposit agreement does not clearly state the selling price or lease-purchase price of the house or construction project, the investor will be fined from 160 to 200 million VND.

Investors who do not publicly disclose, or do not fully and accurately disclose information about real estate or projects before putting them into operation may be fined 120 - 160 million VND.

Source: https://www.congluan.vn/khong-nop-ho-so-cap-so-do-cho-cu-dan-chu-dau-tu-co-the-bi-phat-600-trieu-dong-post303894.html