Clarifying the conditions for individuals to conduct real estate business, upcoming standards for mini-apartments, and land and house prices "following" the Ring Road 2 project.

Clarifying the conditions for individuals to conduct real estate business, upcoming standards for mini-apartments under 7 floors and rental housing; rising real estate prices along the Ring Road 2 and metro line… are the latest real estate news.

Experts suggest that businesses should publicly disclose information on the Ministry of Construction 's housing and real estate market information system before putting a project up for transaction and only close the transaction after it has been completed. (Photo: Hai An)

Publicly disclose project information and clarify the eligibility requirements for individuals engaging in real estate business.

This was the directive of Deputy Prime Minister Tran Hong Ha at a meeting on the draft Decree detailing some provisions of the Law on Real Estate Business, which took place on June 17th.

The Ministry of Construction is the lead agency in drafting the Decree detailing the implementation of several 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 significantly contribute to unlocking capital and promoting the healthy and stable development of the real estate market.

After receiving feedback from government members, the Ministry of Construction has clarified several important issues in the Decree. Specifically, if a project only aims to invest in the construction of a building or the business of a real estate project, does the investor have the right to transfer land and sell assets attached to the land to organizations or individuals?

What information must be publicly disclosed regarding 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 projects falling within the scope of bidding laws specifically regulated?

In addition, Deputy Minister of Construction Nguyen Van Sinh also explained and clarified several issues related to regulations on the responsibility for implementing measures to regulate the real estate market; the cost of issuing real estate brokerage licenses; and the confirmation of transactions through real estate exchanges…

Discussing regulations on public disclosure of real estate information, real estate projects put into business, and the responsibility for verifying information, Professor Hoang Van Cuong, a member of the 15th National Assembly, proposed: If a business does not have a website or information portal, it must publish information on its website or real estate exchange platform in the area where the property is located. Furthermore, businesses must also publicly disclose information on the Ministry of Construction's housing and real estate market information system before putting the property into transaction and only cease doing so after the transaction is completed.

During the meeting, delegates also contributed opinions on construction projects and business premises in other sectors combined with providing accommodation, tourism, and hotel services.

On this occasion, Deputy Prime Minister Tran Hong Ha requested that the drafting agency clarify some new concepts regarding mixed-use buildings combining office and residential units (officetel) and apartments combined with residential units (condotel).

"What is not yet regulated but already exists in practice, is acknowledged, and is stated in the Law must be institutionalized more specifically and clearly, not just repeated from the Law," the Deputy Prime Minister emphasized.

Standards for mini-apartment buildings under 7 floors are coming soon.

At a press conference on the afternoon of June 14th, Deputy Minister of Construction Bui Xuan Dung announced that the Vietnamese Standard (TCVN) on Individual Houses - General Design Requirements for Multi-story, Multi-apartment Buildings (Mini-apartments) with a scale of less than 7 floors is expected to be issued in July.

More specifically, Mr. Vu Ngoc Anh, Director of the Department of Science, Technology and Environment (Ministry of Construction), stated that multi-story residential buildings with multiple apartments (also known as mini-apartments) with a height of 7 floors or more (or with a fire protection height of 25m or more) will fall within the scope of QCVN 06:2022/BXD and its amendment 1:2023. QCVN 06:2022/BXD, jointly compiled by the Ministry of Construction and the Ministry of Public Security, was issued in October 2023.

As for mini-apartment buildings with fewer than 7 floors (or with fire safety heights under 25m), they fall under the scope of the Vietnamese National Standard TCVN for Individual Houses - General Design Requirements, jointly compiled by the Ministry of Construction and the Ministry of Public Security.

“This standard is currently undergoing its second review by the Ministry of Science and Technology. It includes general and detailed regulations for multi-story residential buildings with fewer than seven floors, whether newly constructed, renovated, converted for other uses, or used for mixed-use commercial purposes. This standard is particularly important regarding fire safety,” Mr. Ngoc Anh stated.

Regarding the fire at the boarding house combined with a business and electric motorbike repair shop on Trung Kinh Street (Trung Hoa Ward, Cau Giay District, Hanoi) that killed 14 people on May 24th, Mr. Ngoc Anh, based on his on-site observations, assessed that the three-story building was very simple. If fire safety regulations had been followed, there wouldn't have been any serious requirements, but the entire courtyard, intended for smoke evacuation, was completely enclosed by a corrugated iron roof. When the fire broke out, the smoke couldn't escape and instead entered the rooms, causing many people to suffocate.

"Building a detached house for a family of 5-7 people is simple. But when a detached house is built and then rented out, with 15-20 people living in it, there are different, specific requirements. Since it's a business, very strict requirements must be ensured to avoid situations like the recent boarding house fire in Hanoi. The scope of application of this standard is very broad, potentially reaching millions of detached houses. For detached houses that are converted for other purposes or used for mixed business, the new standard must be applied. Requirements regarding fire and smoke alarms must be strictly implemented," Mr. Ngoc Anh emphasized.

Regarding existing mini-apartment buildings constructed many years ago, Mr. Ngoc Anh stated that the Ministry of Construction, in coordination with the Ministry of Public Security, the Hanoi Fire Prevention and Control Police, and the Ho Chi Minh City Fire Prevention and Control Police, issued a reference document in mid-May providing guidance on improving fire safety for these existing buildings.

This document outlines and guides several technical solutions based on fundamental fire safety principles to address and supplement existing fire safety measures, ensuring greater fire safety for people and buildings that do not meet fire safety requirements, such as: escape routes, fire spread prevention, fire alarms, etc.

Existing mini-apartment buildings can use this document, based on their actual situation, to renovate and supplement technical solutions for fire safety.

At the press conference, Deputy Minister of Construction Bui Xuan Dung further stated that, regarding strengthening management and construction order for mini-apartment buildings, the Ministry of Construction has recently established inspection teams to conduct inspections in Hanoi, Ho Chi Minh City, and Binh Duong. The Ministry is currently finalizing the inspection conclusions in accordance with regulations.

'Following' the Ring Road 2 and metro project, real estate prices are heating up.

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

The 6km section of Ring Road 2 is divided into two segments. Segment 1 runs from Phu Huu Bridge to Vo Nguyen Giap Street (including the Binh Thai intersection), measuring 3.5km. Segment 2 runs from the Binh Thai intersection to the end of Pham Van Dong Street, heading towards the Go Dua intersection.

The Ben Thanh - Suoi Tien metro line is expected to begin commercial operation by the end of this year. (Source: Vietnamnet)

The section of Ring Road 2 passing through Thu Duc City, 2.7km long from Pham Van Dong Street to Go Dua intersection, has been started but remains unfinished. Along with existing transportation routes, the completion of Ring Road 2 is expected to open up more urban development space in the East, creating regional connectivity.

The most important transportation line in Ho Chi Minh City, the Ben Thanh - Suoi Tien metro line, has also postponed its commercial operation date to the end of the year. Currently, the project is 98% complete, but some obstacles remain, necessitating an adjustment to the commercial operation schedule.

The fact that key transportation routes such as Ring Road 2 and the Ben Thanh - Suoi Tien metro line have finalized their connection and full operation dates has become a driving force for the real estate market in the surrounding area.

According to surveys, the real estate market in the area surrounding the Ring Road 2 is showing positive developments. Compared to the end of last year, property transactions are more active and selling prices are increasing.

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

Not only land and houses, but the apartment market in the area surrounding Ring Road 2 is also booming again. Some projects are accelerating construction progress or launching their next phases, such as King Crown Infinity and 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 impetus in promoting the renovation and reconstruction of apartment buildings and encourage businesses to participate in implementing projects in the future.

The Housing Law stipulates that land use fees and land rent are waived for the entire land area of ​​the project, and the project does not have to go through the procedures for determining land prices and calculating the exempted land use fees and land rent as prescribed by land law; it is permitted to conduct business on the remaining residential area after resettlement and the area for commercial and service businesses within the project. The investor of a project to renovate or rebuild an apartment building is not required to pay land use fees or land rent when selling apartments in the renovated or rebuilt apartment building on the land area of ​​the existing apartment building after resettlement has been arranged.

Simultaneously, the regulations stipulate that the approval of investment policies for renovation and reconstruction projects of apartment buildings shall be carried out according to the provisions of the Housing Law, not the provisions of the Investment Law, in order to create favorable conditions for investors to participate in the investment and construction of apartment buildings, as well as to address some shortcomings in the implementation of investment policy approval for renovation and reconstruction projects in practice in the past.

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

Amendments and additions regarding the selection of investors aim to ensure greater convenience and overcome the delays in renovating old apartment buildings in recent times; additional regulations require apartment owners to contribute funds for the reconstruction of apartment buildings constructed after 1994.

The policies of the Housing Law aimed at promoting the renovation and reconstruction of apartment buildings are also a major social welfare policy that helps resettled people to stabilize their lives as soon as possible, ensuring living conditions as well as safety, lives, and property for the 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