The project lacks the necessary legal documentation.
In recent years, Binh Duong has been one of the provinces experiencing rapid economic and industrial development in the service sector. The formation of numerous large industrial zones has attracted people to live and work there.
Major real estate developers are also focusing their investments here, building numerous apartment and townhouse projects to meet the needs of the local population.
However, during the development process, many investors have circumvented the law by organizing "fundraising; accepting deposits; and conducting sales transactions" before the project meets the legal requirements and has been approved by the authorities.
This has led to many homebuyers and residents unfortunately falling into lawsuits and disputes, causing a disruption of security and order in the area. To avoid this situation, the Department of Construction of Binh Duong province has issued a notice instructing businesses to "prohibit" raising capital in any form.
In addition, local authorities in wards and communes also put up warning signs in front of the project gates to inform residents and homebuyers to avoid buying into projects that lack proper legal documentation.
The notice board was erected by the People's Committee of Di An Ward (Di An City) in front of the Charm Diamond project.
For example, the People's Committee of Di An Ward (Di An City, Binh Duong Province) has posted notices advising apartment buyers at the high-rise apartment project Block B4, part of the Song Than high-rise complex, Charm Plaza 1 complex (commercial name: Charm Diamond).
According to information posted on a notice board by the People's Committee of Di An Ward, the "Charm Diamond project" is currently ineligible for transfer or capital mobilization due to incomplete legal procedures.
According to observations by a reporter from Nguoi Dua Tin , the project site is currently enclosed with corrugated iron by the investor, and some machinery and cranes are operating inside.
The local government's notice board is obscured by a large, dry tree trunk, making it difficult for passersby to read the text unless they look closely or get too close.
Although the project site is surrounded by grounds and trees, a large tree trunk was placed in front of the notice board to obscure the text.
The Charm Diamond project is a component project within the Charm City area, legally known as the Song Than High-Rise Complex, part of the Charm Plaza 1 complex, and is developed by DCT Partners Vietnam Co., Ltd. (DCT Group), a subsidiary of Charm Group.
Some websites advertising the project state that Charm Diamond is part of the larger Charm City project, which covers an area of over 5.8 hectares. The project includes one 35-story tower and one basement level, offering 564 apartments, 17 two-story commercial shophouses, and 12 townhouses.
Apartments range in size from 36 to 90 square meters, with designs featuring 1 to 3 bedrooms. Some penthouses have an area of 360 square meters, with asking prices starting from 35 million VND per square meter.
Homebuyers need to be cautious.
The placement of warning signs demonstrates the close attention to detail and responsibility of the People's Committees at the commune and ward levels in advising citizens to avoid risks when engaging in illegal real estate transactions, especially given the situation where many people who buy properties off-plan suffer consequences such as complaints and lawsuits, causing a disruption of security and order in the area.
Regarding the situation of housing construction and sales in Binh Duong province, this has been discussed in press conferences on the economic , political , and social situation in the area for many years.
Leaders of the Binh Duong Provincial Department of Construction have consistently informed the press that the Department has issued a notice to businesses prohibiting any form of capital mobilization.
Unless you get closer to read the information carefully, you wouldn't be able to spot the local government's announcements hidden by the tree trunk.
According to Mr. Huynh Pham Tuan Anh, Deputy Director of the Department of Construction of Binh Duong province, the Department has also directed its subordinate units to disseminate information about projects that do not yet meet the business conditions. To be more practical, the Department is coordinating with relevant agencies to install numerous warning signs in front of the projects.
“Currently, there are many real estate projects being built and developed in Binh Duong province. Projects that meet the business requirements, raise capital, and sign contracts for the sale of future housing units are all announced by the Binh Duong Provincial Department of Construction on its website. Therefore, before engaging in real estate transactions, people need to thoroughly research the information. Checking online, with local authorities, etc., is essential and helps avoid unnecessary risks,” Tuan Anh shared.
Furthermore, the Deputy Director of the Department of Construction of Binh Duong province advised that people should not place too much trust in brokers' claims, advertisements, or information posted on social media about real estate.
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