Removing legal obstacles for nearly 7,000 Novaland apartments

No Va Real Estate Investment Group Corporation (Novaland) said that after the Government and the National Assembly's active moves to remove difficulties and obstacles, the company has prepared cash flow for paying land use fees to remove legal issues and issue pink books to residents.

Accordingly, on March 18, 2025, in the spirit of Conclusion No. 82/KL-TTCP of the Government Inspectorate, Ho Chi Minh City agencies and departments had a legal basis to speed up land valuation work at many projects that are still stuck in the city, including the Richstar project (Tan Phu district) of Novaland.

Accordingly, the estimated value of the remaining land use fee for the Richstar project is about 446 billion VND. Richstar is a project whose planning has been adjusted by the City but does not include additional land use fees, but instead agrees to allow Novaland to temporarily pay land use fees in the amount of 242.5 billion VND.

In implementing this policy, Novaland has paid the above amount to the state budget and recorded this financial obligation in the accounting books in 2017.

Novaland aims to issue nearly 7,000 pink books to residents of projects in Ho Chi Minh City.

Regarding the Botanica Premier project (Tan Binh district), the Government Inspectorate has requested the Ho Chi Minh City People's Committee to review the procedures... to determine land use fees for the project, to be completed within 6 months from the date of public announcement of the conclusion. Novaland is working with relevant agencies to speed up the land valuation procedures so that Novaland can pay land use fees for the project.

It is expected that in the second quarter of 2025, the Victoria Village project (Thu Duc City) will also have an official decision on additional land use fees, complete legal procedures, accelerate construction of high-rise subdivisions, expected to be completed by the end of 2025 and start handover from the first quarter of 2026.

The 30.1-hectare Nam Rach Chiec project in Thu Duc City (Lakeview City) has officially had its land use fee removed. The total land rent and land use fee payable for this project, nearly VND 5,176 billion, will be re-determined. The provision of VND 4,369 billion for the Lakeview City project for Novaland's 2024 audited financial statements will be adjusted and reversed when eligible in 2025.

Another Novaland project that has also had its problems resolved is the 30.2-hectare Binh Khanh Ward project (The Water Bay project). Accordingly, the time to determine the land price for the swapped area of ​​this project is when the land acquisition and compensation are completed on November 20, 2008.

Positive information in legal settlement has promoted the process of granting pink books for thousands of products in many Novaland projects. In 2025, the Group aims to grant nearly 7,000 pink books at projects such as Sunrise Riverside (Nha Be district), The Sun Avenue (Thu Duc city), Kingston Residences, Orchard Garden (Phu Nhuan district), Lucky Palace (District 6), Sunrise City North (District 7)...

Recently, Novaland has continuously sent notices to residents of the projects about registering information to complete procedures for issuing certificates such as residents of The Sun Avenue, residents of Kingston Residences... Currently, The Sun Avenue project has received the first batch of certificates and is carrying out procedures to hand over certificates to customers. Sunrise Riverside project has been granted nearly 880 pink certificates by the end of March 2025 and is continuing to hand over certificates to customers.

As for the Tropic Garden 1 project (Thu Duc City), Novaland plans to complete procedures related to financial obligations in the second quarter of 2025. It is expected that in the second quarter, the company will send a letter inviting customers to provide documents to register for the issuance of certificates at the project...

Source: https://nld.com.vn/thao-go-vuong-mac-phap-ly-cho-gan-7000-can-ho-cua-novaland-196250417180449024.htm