26.2 C
Ho Chi Minh City
Sunday, July 21, 2024

Ministry of Construction proposes no time limit for condo ownership

The Saigon Times

Must read

HCMC – The Ministry of Construction has proposed not setting a time limit for condo ownership in the draft of the amended Housing Law, citing concerns over huge impact on society.

In March, the Government sent the National Assembly Standing Committee the draft that included a proposal for imposing a time limit on condo ownership. However, the NA Standing Committee turned down the proposed time limit.

In a written document sent to the Government on April 8, the Ministry of Construction, which is in charge of preparing the draft amendments to the law, changed its mind, proposing the Government not set a time limit for condo ownership.

Explaining the about-face, the ministry said this was a sensitive issue and had yet to win a consensus in the public.

However, the Ministry of Construction said they would supplement and clarify contents relating to the time limit for condo use, requirements for demolishing condo buildings, and responsibilities of relevant parties upon the demolition and reconstruction of condo blocks. This action aims to address outstanding issues and hindrances to upgrading and re-building aging condo buildings.

Earlier, when giving feedback on the draft amendments to the Housing Law, the chairman of the National Assembly Committee on Legal Affairs said that most people agreed that the proposed time limit for condo ownership should be shelved as it would have a negative impact on the property market which has become dormant due to tight credit and poor demand.

In a related development, the Ministry of Construction proposed the Government maintain the regulations on allowing foreigners to buy and own homes in Vietnam as stated in the draft; however, they are not eligible to own landed houses.

The draft is to be submitted to the National Assembly for discussion in May.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles