National Assembly "finalizes" 3 real estate laws taking effect from August 1, 2024

On the morning of June 29, with 404/469 delegates in favor (accounting for 83.13% of the total number of delegates participating), the National Assembly passed the draft Law amending and supplementing a number of articles of the Land Law No. 31/2024/QH15, the Housing Law No. 27/2023/QH15, the Real Estate Business Law No. 29/2023/QH15, and the Law on Credit Institutions No. 32/2024/QH15.

According to the newly approved draft Law, the National Assembly allows three laws related to the real estate market, namely the Land Law, the Housing Law and the Real Estate Business Law, to take effect from August 1, 2024. This is 5 months earlier than the previously decided date of January 1, 2025. At the same time, two clauses of Article 200 and Article 210 of the Law on Credit Institutions are also proposed to take effect early from August 1 to ensure consistency and strictness when receiving collateral from credit institutions.

The Law amending and supplementing a number of articles of the Land Law No. 31/2024/QH15, the Housing Law No. 27/2023/QH15, the Real Estate Business Law No. 29/2023/QH15, and the Law on Credit Institutions No. 32/2024/QH15 will officially take effect from August 1, 2025.

Before the National Assembly approved and presented the report on acceptance, justification and explanation of the draft Law, Chairman of the Economic Committee Vu Hong Thanh said that many opinions agreed with the necessity of promulgating the law, adjusting the effectiveness of the four laws, however, there were concerns about ensuring the conditions for the law to be enforced.

Chairman of the Economic Committee Vu Hong Thanh (Photo: National Assembly Media).

There are opinions suggesting to keep the effectiveness of the laws from January 1, 2025 so that from now until January 1, 2025, agencies focus on developing Decrees and Circulars in a thorough and quality manner and localities have access to those Decrees and Circulars to develop local guidance documents. There are opinions suggesting to clarify the choice of the effective date of the laws as August 1, 2024.

Regarding this issue, Mr. Thanh said that according to the report of the National Assembly Standing Committee, the 2024 Land Law, the 2023 Housing Law and the 2023 Real Estate Business Law have overcome the limitations and problems of previous laws.

At the same time, there are many innovative and progressive regulations that are expected by the people and society to create momentum for socio-economic development in the new period. In addition, many regulations in the laws can be applied immediately without the need for detailed guidance documents.

“The early implementation of the 2024 Land Law, 2023 Housing Law and 2023 Real Estate Business Law is not only a wish but also a requirement of the National Assembly when voting to pass these laws,” the National Assembly Standing Committee emphasized.

The Land Law, Housing Law, and Real Estate Business Law will take effect from August 1, 2024 (Photo: Huu Thang).

Regarding the conditions for ensuring law enforcement, Chairman of the Economic Committee Vu Hong Thanh said that there were opinions suggesting a provision allowing subjects to choose the effective date of laws. Other opinions said that if allowing the choice of effective date, it would lead to inconsistent application.

Commenting on this content, the National Assembly Standing Committee said that allowing subjects to choose the effective time will not ensure transparency and clarity of the State's policy regarding the time of implementing transitional contents.

In addition, it can also lead to arbitrary application of the Law's provisions at different effective times, causing difficulties for organizations, individuals as well as State management agencies in choosing the time to carry out related records and procedures.

Some opinions suggest caution and calculating the appropriate time for the law to take effect due to concerns about the progress and roadmap for developing and issuing detailed guidance documents for implementing the law, which are the responsibility of the locality.

Regarding this issue, the National Assembly Standing Committee said that in Report No. 338 dated June 24, 2024 of the Government on receiving and explaining the opinions of National Assembly deputies and the examination opinions of the Economic Committee on the draft Law, the Government reported on the progress of promulgating documents of the Government, the Prime Minister and ministries and branches.

Regarding guiding documents under the authority of localities, according to the Report, the Prime Minister has issued many documents urging ministries, branches and localities to urgently focus on issuing detailed regulations and instructions for the implementation of the Land Law, Housing Law and Real Estate Business Law.

“The Government affirms that if the National Assembly passes this Law project at the 7th Session, there will still be time for localities to complete and promulgate it according to their authority to ensure progress and quality, and it will take effect from August 1, 2024,” said Mr. Vu Hong Thanh.

The National Assembly Standing Committee requested the Government to closely direct the issuance of detailed regulations and implementation instructions by ministries, branches and localities. Avoid obstacles due to lack or delay in issuing specific documents, avoid the situation where circulars "wait" for decrees, local documents "wait" for detailed regulations and instructions from the Central Government, and fully prepare conditions for the implementation of the Laws from August 1, 2024 .

Source: https://www.nguoiduatin.vn/quoc-hoi-chot-3-luat-moi-ve-bat-dong-san-co-hieu-luc-tu-1-8-2024-a670744.html