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Friday, May 20, 2022

HCMC property firms propose removing obstacles to 64 housing projects

The Saigon Times

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HCMC – The HCMC Real Estate Association (HoREA) has sent a petition to the municipal government proposing the city remove obstacles to 64 commercial and social housing projects.

HoREA Chairman Le Hoang Chau said that 57 real estate firms were having difficulty with site clearance, investment procedures, and certification of land use rights and home ownership, while executing the 64 housing projects in the city.

These obstacles have yet to be eliminated for many years, according to HoREA.

Several housing projects are awaiting procedures, including the Linh Trung 2 export processing zone social housing project, the high-rise officetel and apartment project in Phu Nhuan District, the Le Thanh Tan Tao 2 social housing project and the An Phu Dong social housing project.

Since early 2021, the municipal government has worked with the relevant departments and agencies to consider removing barriers facing many housing projects, Tuoi Tre Online reported, citing Chau.

Some projects such as a high-rise housing project in District 7, the Khai Vy residential and commercial complex, and another apartment–office trading complex in Thao Dien Ward in District 2 have removed hindrances.

The HCMC government has been coping with problems with land use rights to allow housing investors to use residential and other land to develop property projects based on Article 23 of the 2014 Housing Law.

However, the law does not recognize investors with a certificate of land use rights of non-residential land for commercial housing development, Chau said.

As such, many major commercial housing projects developed on non-residential land are yet to gain investment recognition.

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