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Saturday, May 18, 2024

Uncertainty prevails over commercial housing development

By Cam Ha

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The Government is expected to propose the National Assembly issue a resolution allowing for a pilot scheme in which commercial housing projects can engage in land use rights transfer deals to obtain land or can be carried out if they have land other than residential land. According to the HCMC Real Estate Association, the lack of this pilot scheme would lead to “tiny” housing projects mushrooming after the 2024 Land Law comes into effect in 2025. Businesses back pilot development The Ministry of Natural Resources and Environment has sent the Government a proposal for drafting a National Assembly resolution on the pilot scheme of allowing commercial housing projects to be implemented using land transferred through agreement or using land other than residential land. According to the proposal, besides the mechanism of land reclamation by the State, the use of land through land transfer deals to execute socio-economic development projects or the use of other land than residential land for such projects is a mechanism for voluntary land transfer rooted in the legislation of the 1993 Land Law and maintained up to the present. This mechanism has the advantage of shortening the time of land transfer if consensus is reached and […]
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