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Thursday, June 13, 2024

Construction Ministry proposes two solutions for apartment ownership

The Saigon Times

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HCMC – The Ministry of Construction has proposed two solutions regarding the ownership duration of apartments in the latest draft of the amended Housing Law.

The ministry suggested either adding a new regulation on ownership duration based on the apartment project’s lifespan or to keep the current regulation unchanged, with the latter meaning no limit on ownership duration, the local media reported.

As for the first solution, the ownership duration is determined based on design documents or the approved lifespan of commercial, social and resettlement apartment projects in line with the prevailing regulations on construction.

While appraising the design documents of apartment building projects, the local authorities must write down the ownership duration in the documents.

Apartment sale contracts are regulated to include an ownership duration.

The ownership duration will be applied to apartment projects that are licensed or whose design documents are approved after the regulation comes into force.

There will be no limits on the ownership duration for apartment projects licensed for construction before the law takes effect.

The ministry has repeatedly proposed the ownership duration range from 50 to 70 years.

Under the second solution, buyers of land use right-attached apartments can use the land indefinitely, according to the draft.

Apartment buildings which have yet to reach their expiry dates will be demolished immediately if they deteriorate or are damaged by natural disasters, fires or explosions.

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