Clarifying conditions for individuals doing real estate business, soon to have standards for mini apartments, real estate prices "follow" Ring Road 2

Clarifying conditions for individuals doing real estate business, soon to have standards for mini apartments under 7 floors, rental houses; real estate prices "heat up" along Ring Road 2, metro... are the latest real estate news.

Experts recommend that businesses publicly disclose information on the housing and real estate market information system of the Ministry of Construction before putting the project into transaction and only end it after the transaction is completed. (Photo: Hai An)

Publicize project information, clarify conditions for individuals doing real estate business

That was the direction of Deputy Prime Minister Tran Hong Ha at a meeting on the draft Decree detailing a number of articles of the Law on Real Estate Business, which took place on June 17.

The Ministry of Construction is the agency in charge of drafting the Draft Decree detailing the implementation of a number of articles of the Law on Real Estate Business (hereinafter referred to as the Decree). It is expected that when the Law on Real Estate Business comes into effect, it will contribute significantly to unlocking capital sources and promoting the healthy and stable development of the real estate market.

After receiving comments from Government members, the Ministry of Construction explained and clarified a number of important issues of the Decree. Specifically, if the project only has the goal of investing in construction works or investing in real estate projects, does the investor have the right to transfer land and sell assets attached to the land to organizations and individuals?

What information must be made public about real estate and real estate projects put into business according to regulations? How is the determination of small-scale real estate business and real estate business projects within the scope of the law on bidding regulated in detail?

In addition, Deputy Minister of Construction Nguyen Van Sinh also explained and clarified a number of contents related to regulations on responsibilities for implementing measures to regulate the real estate market; funding for granting real estate brokerage practice certificates; confirming transactions through real estate trading floors, etc.

Discussing the regulations on public disclosure of real estate information, real estate projects put into business and the responsibility for verifying information, Prof. Dr. Hoang Van Cuong - a delegate of the 15th National Assembly proposed: In case the enterprise does not have a website or information portal, it must be announced on the website or real estate trading floor in the area where the real estate is located. In addition, the enterprise must also publicize on the housing information system and real estate market of the Ministry of Construction, before putting into transaction and only ending after the transaction has been completed.

During the meeting, delegates also contributed opinions on construction projects, construction floors for other business fields combined with providing accommodation, tourism and hotel services.

On this occasion, Deputy Prime Minister Tran Hong Ha requested the drafting agency to clarify some new concepts about mixed-use buildings of office buildings combined with accommodation (officetel) and apartments combined with accommodation (condotel).

"What has not been regulated but has been in practice, recognized and stated in the Law must be institutionalized more specifically and clearly, not repeated in the Law," the Deputy Prime Minister emphasized.

There will soon be standards for mini apartments under 7 floors.

At a press conference on the afternoon of June 14, Deputy Minister of Construction Bui Xuan Dung said that it is expected that in July, the Vietnam Standard (TCVN) for Individual Housing - General design requirements for multi-storey multi-apartment buildings (mini-apartments) with a scale of less than 7 floors will be issued.

More specifically, Mr. Vu Ngoc Anh, Director of the Department of Science, Technology and Environment (Ministry of Construction) said that multi-storey residential buildings with many apartments (also known as mini apartments) with a scale of 7 floors or more (or with a fire prevention and fighting height (PCCC) of 25m or more) will be subject to the scope of QCVN 06:2022/BXD with amendment 1:2023 QCVN 06:2022/BXD jointly compiled by the Ministry of Construction and the Ministry of Public Security and issued in October 2023.

As for mini apartment buildings with a scale of less than 7 floors (or with a fire protection height of less than 25m), they are subject to the regulation of TCVN Individual Housing - General requirements for design, compiled jointly by the Ministry of Construction and the Ministry of Public Security.

“This standard is being assessed by the Ministry of Science and Technology for the second time. It includes general regulations and detailed regulations for multi-storey residential buildings with many apartments under 7 floors, newly built, renovated, converted, changed purpose of use, mixed business must apply this standard. Especially for the issue of fire safety” – Mr. Ngoc Anh said.

Raising the issue of the fire in the motel combined with business and electric motorbike repair on Trung Kinh Street (Trung Hoa Ward, Cau Giay District, Hanoi) that killed 14 people on May 24, recorded directly at the scene, Mr. Ngoc Anh assessed that the house had 3 floors and was very simple. If it complied with fire safety, there were no high requirements, but the entire yard to let out smoke was covered with a corrugated iron roof. When the fire broke out, smoke rose up, could not escape and entered the rooms, causing many people to suffocate.

"Building a single-family home for a family of 5-7 people is simple. But when a single-family home is built and rented out, with 15-20 people living there, there must be different, specific requirements. If you do business, you must ensure very strict requirements, avoiding cases like the recent fire at a boarding house in Hanoi. The scope of this standard is very broad, possibly up to millions of single-family homes. For single-family homes that change their purpose or are used for mixed business, new standards must be applied. Requirements on fire and smoke alarms must be strictly implemented," Mr. Ngoc Anh emphasized.

Regarding the existing mini apartments built many years ago, Mr. Ngoc Anh said that the Ministry of Construction has coordinated with the Ministry of Public Security, Hanoi Fire Police, Ho Chi Minh City Fire Police, to issue reference documents guiding the improvement of fire safety for these existing buildings in mid-May.

It states and guides a number of technical solutions based on basic fire safety principles to supplement a number of solutions to better ensure fire safety for people and existing structures that do not meet fire safety conditions such as: escape routes, fire prevention, fire alarms, etc.

Existing mini apartments, based on practical situations, can use this document to renovate and supplement technical solutions on fire safety.

At the press conference, Deputy Minister of Construction Bui Xuan Dung added that in order to strengthen management and construction order for mini apartments, the Ministry of Construction has recently established inspection teams to conduct inspections in Hanoi, Ho Chi Minh City, and Binh Duong. The Ministry is finalizing the inspection conclusions according to regulations.

'Following' Ring Road 2 and metro, real estate prices heat up

Planned 15 years ago, Ho Chi Minh City’s Ring Road 2 has a total length of 64km, but to date only 50km have been put into operation. Of the remaining 14km, about 6km pass through Thu Duc City, and construction is expected to begin at the end of this year.

The 6km Ring Road 2 is divided into 2 sections. Section 1 from Phu Huu Bridge to Vo Nguyen Giap Street (including Binh Thai Intersection), is 3.5km long. Section 2 from Binh Thai Intersection to the end of Pham Van Dong Street towards Go Dua Intersection.

The Ben Thanh - Suoi Tien metro line is expected to be commercially operational by the end of this year. (Source: Vietnamnet)

Beltway 2 passing through Thu Duc City also has a 2.7km section from Pham Van Dong Street to Go Dua intersection that has started construction but is still unfinished. Along with existing traffic routes, the closed Beltway 2 is expected to open up more space for urban development in the East, creating regional connectivity.

The most important traffic route in Ho Chi Minh City, the Ben Thanh - Suoi Tien metro, has just postponed its commercial operation date to the end of the year. Currently, this project has completed 98% of the construction volume but there are still some problems so the commercial operation date must be adjusted.

The fact that key traffic routes such as Ring Road 2 and Ben Thanh - Suoi Tien metro have decided on the time to connect and operate the entire route has become a driving force for the real estate market in neighboring areas.

According to a survey, the real estate market in the area near Ring Road 2 is showing positive changes. Compared to the end of last year, real estate transactions are showing signs of being more active and prices are increasing.

For example, the real estate market in To Ngoc Van Street, Thu Duc City, is starting to "heat up". Frontage houses on this street are being offered for sale at prices ranging from 120-150 million VND/m2, houses and land in alleys from 80-100 million VND/m2, depending on location and area.

Not only real estate, the apartment market in the area near Ring Road 2 is also bustling again. Some projects are speeding up construction progress or opening the next phase for sale, such as King Crown Infinity or Fiato Uptown.

Housing Law: Promoting the renovation and reconstruction of apartment buildings

Regarding the renovation and reconstruction of apartment buildings, many policies of the Housing Law will create strong motivation in promoting the renovation and reconstruction of apartment buildings and encourage businesses to participate in project implementation in the coming time.

The Housing Law stipulates that land use fees and land rents are exempted for the entire land area of ​​the project and that procedures for determining land prices and calculating land use fees and land rents are exempted according to the provisions of the law on land; and that the remaining residential area after resettlement arrangements and the service and commercial business area within the project are allowed to be operated. The investor of the project to renovate or rebuild an apartment building is not required to pay land use fees and land rents when selling apartments in the renovated or rebuilt apartment building on the land area for the construction of the existing apartment building after resettlement arrangements.

At the same time, it is stipulated that the approval of investment policies for projects to renovate and rebuild apartment buildings is carried out in accordance with the provisions of the Housing Law, not in accordance with the provisions of the Investment Law, in order to create favorable conditions for investors to participate in investing in and renovating apartment buildings as well as to resolve some shortcomings in the implementation of approval of investment policies for projects to renovate and rebuild apartment buildings in practice in the recent past.

The Housing Law clearly stipulates the rights and responsibilities of local authorities, investors, and apartment building owners in relocating owners and users of apartment buildings, enforcing relocation and demolishing apartment buildings; and allocating funds for relocation, enforcing relocation and demolishing apartment buildings.

Amending and supplementing regulations on selecting investors to ensure more convenience, overcoming the slow renovation of old apartment projects in the recent past; supplementing regulations requiring apartment owners to contribute funds to rebuild apartment buildings for apartment buildings built after 1994.

The Housing Law's policies to promote the renovation and reconstruction of apartment buildings are also a major social security policy to help resettled people stabilize their lives soon, ensuring living conditions as well as safety, life and property for people.

Source: https://baoquocte.vn/tin-bat-dong-san-lam-ro-dieu-kien-ca-nhan-kinh-doanh-dia-oc-sap-co-tieu-chuan-cho-chung-cu-mini-gia-nha-dat-an-theo-duong-vanh-dai-2-275379.html