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Ho Chi Minh City
Tuesday, July 16, 2024

Authorities to oversee prices of social homes

By T. Huy

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HCMC – The Ministry of Construction would inspect the real estate sector, particularly social housing projects that are offered at higher prices than normal, said the ministry at its quarterly press conference on April 24.

With many social housing projects advertised to be sold at a price hundreds of millions of dong higher than its original price, Hoang Hai, head of the Housing and Real Estate Market Management Department under the Ministry of Construction, said that there had been strict regulations on conditions and procedures for the trading of social homes.

The ministry also consulted provincial construction departments over the sanctions against administrative violations.

The ministry requested localities to review, inspect and take strict sanctions against speculation on social homes.

From this June, the ministry will work with localities to conduct inspections into property trading, including advertising to sell social housing at prices above normal levels.

A Ministry of Construction report said that in the first quarter of this year, one social housing project with 300 units was licensed, five projects with 1,908 off-plan units were eligible for fundraising from homebuyers and four projects with 934 units were completed.

Meanwhile, at least 453,400 units in 397 social housing projects are being built.

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