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Thursday, June 20, 2024

Gov’t removes condo ownership time limit from draft law

The Saigon Times

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HCMC – The Government has agreed to remove the time limit on apartment ownership from the draft of the revised Law on Housing, according to the construction minister.

Speaking at the NA’s sitting today, June 19, Minister of Construction Nguyen Thanh Nghi acknowledged that setting a duration for apartment ownership as proposed in the draft has received clashing viewpoints.

A Government report on the draft put forth two options: no time limit and a time limit for apartment ownership.

However, the NA Standing Committee did not throw its support behind an apartment ownership time limit, so the Government took away the time limit provision from the draft. The newly revised draft would go before the NA in the near future.

The Ministry of Construction said that it would supplement and clarify contents regarding the requirements for demolishing old apartment buildings and the responsibilities of relevant parties during the demolition and reconstruction of old apartment blocks. This aims to address outstanding issues with the upgrade and reconstruction of aging apartment buildings.

The revised Law on Housing is expected to be passed by the National Assembly during its sixth sitting, which is scheduled for the end of this year.

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