Hanoi real estate projects put under stricter monitoring
The Hanoi Department of Natural Resources and Environment has proposed
that the municipal People's Committee revoke nearly 948ha of land from
12 institutions for violating land-use regulations.
The Hanoi Department of Natural Resources and Environment has proposed
that the municipal People's Committee revoke nearly 948ha of land from
12 institutions for violating land-use regulations.
Department director Nguyen Trong Dong said inspections found that the project investors and organisations had failed to abide by relevant rules, particularly those related to timely implementation.
They key reasons cited for delayed projects include waiting for revised plans after the capital city's administrative boundary was expanded and lack of financial capital for implementing several projects as a result of the frozen real estate market, he said.
In order to use public land more effectively, the municipal People's Committee has asked investors and relevant agencies to exercise greater care and be more strict in inspecting and handling land law violations.
In 2012, the city confiscated more than 8 million sq.m of land, according to official figures. The Committee said land that is revoked because of violations should be used for construction of public projects like schools.
With a view to improving the management of the real estate sector, the Ministry of Construction on July 31 issued Circular N°11/2013/TT-BXD prescribing the reporting regime on implementation of investment in construction and commercial operation of real estate projects.
Accordingly, from October 1, real estate projects' investors have to regularly report on the progress of their projects to enable authorities to improve oversight of the sector.
Four main aspects which need to be reported by investors include basic information about the projects; implementation progress of projects (ground clearance, construction); commercial operation of projects (capital mobilization, sale or lease of houses, land lease, land use right transfer); and project completion procedures.
Besides, the construction departments are required to update the Ministry of Construction on a quarterly and annual basis on local real estate projects, land acquisition and clearance and real estate transactions.-VNA
Department director Nguyen Trong Dong said inspections found that the project investors and organisations had failed to abide by relevant rules, particularly those related to timely implementation.
They key reasons cited for delayed projects include waiting for revised plans after the capital city's administrative boundary was expanded and lack of financial capital for implementing several projects as a result of the frozen real estate market, he said.
In order to use public land more effectively, the municipal People's Committee has asked investors and relevant agencies to exercise greater care and be more strict in inspecting and handling land law violations.
In 2012, the city confiscated more than 8 million sq.m of land, according to official figures. The Committee said land that is revoked because of violations should be used for construction of public projects like schools.
With a view to improving the management of the real estate sector, the Ministry of Construction on July 31 issued Circular N°11/2013/TT-BXD prescribing the reporting regime on implementation of investment in construction and commercial operation of real estate projects.
Accordingly, from October 1, real estate projects' investors have to regularly report on the progress of their projects to enable authorities to improve oversight of the sector.
Four main aspects which need to be reported by investors include basic information about the projects; implementation progress of projects (ground clearance, construction); commercial operation of projects (capital mobilization, sale or lease of houses, land lease, land use right transfer); and project completion procedures.
Besides, the construction departments are required to update the Ministry of Construction on a quarterly and annual basis on local real estate projects, land acquisition and clearance and real estate transactions.-VNA
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