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Monday, July 22, 2024

Proposed time limit for apartment ownership gets thumbs down

The Saigon Times

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HCMC – The National Assembly Standing Committee has not thrown its weight behind the time limit of apartment ownership as proposed in the draft of the revised Housing Law.

Earlier, the Government proposed apartment ownership be terminated when it expires or when authorities order apartment buildings be dismantled for safety reasons.

As per the proposal, when apartment ownership is ended, homeowners would either contribute to rebuilding the building or receive resettlement compensation from authorities depending on situations.

Speaking at a session on the draft of the revised law, NA Chairman Vuong Dinh Hue made clear that the right to apartment ownership is greatly important and sentitive.

Considering the pros and cons of the proposal, NA Deputy Chairman Nguyen Khac Dinh said that during the discussion of the draft of the amended law, the NA Standing Committee and other agencies agreed that the proposed time limit for apartment ownership should be shelved.

Most apartment owners have lower incomes than landed-house owners, so the proposal would cause strong reactions.

NA Chairman Hue said that even if the apartment buildings were dismantled, the right to apartment ownership would remain intact.

Apartment ownership and duration of apartment ownership are two distinct categories, he said, adding apartment ownership is a legal term while apartment ownership duration is a concept related to construction techniques.

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