HCMC- More than 81,000 apartment units in HCMC are still awaiting ownership certificates, making life tough for both residents and project developers.
During a recent Q&A session on the issuance of ownership certificates, the HCMC People’s Council Standing Committee said, “Though the city authorities have assigned relevant departments to remove hindrances to commercial housing projects in the city, the handling progress could not meet the expectation of the developers and house buyers, with over 81,000 apartment units still awaiting ownership certificates.”
Estimates show that the documentation handling rate in the realty sector only reaches 67% of the total documents received on a yearly basis. Bottlenecks faced by some properties have existed for decades and the issuance of ownership certificates for apartment buyers lacks a synchronization from different levels of authorities, according to the committee.
One of the main challenges is the lack of a body governing the development of commercial housing projects and a comprehensive overview of projects awaiting ownership certificates. This makes it difficult to identify the reasons for the delays, find solutions, and accurately forecast project schedules.
In response to the situation, the HCMC People’s Council Standing Committee has urged the relevant departments and district authorities not to evade their responsibilities and to expedite the issuance of ownership certificates for apartment buyers. The aim is to complete the process in the third and fourth quarters of this year, according to the Government news site at www.baochinhphu.gov.
Additionally, strict sanctions should be imposed on developers who fail to release mortgages over projects, causing delays for residents in receiving their ownership certificates.
