Illustrative image (Photo: Hanoi Melody Residences) However, in the draft law, expected to be submitted to theNational Assembly for consideration and discussion at its 5th session in May and approval at its 6th session,foreigners are not permitted to own houses associated with land userights.
The ministry also proposed the abolishment of regulations on a fixed term ofapartment ownership in the draft law, and the supplementation of regulations relatedto the term of use and the demolition of old apartment buildings.
It stressed the need to clarify responsibilities of relevantparties in the demolition, renovation and reconstruction of apartmentbuildings.
Accordingto experts, the regulations on the apartment ownership term should not be included,because it greatly affects the interests of people and the operations of realestate businesses and the market.
Regarding social housing, the draft law removes therequirement that 20% of the land areas of investment projects to buildcommercial houses and urban areas must be used for social housingconstruction. The draft law stipulates additional authority of the provincialPeople’s Committees in using the money to invest in the construction of socialhousing projects for sale, lease, or lease purchase and housing forworkers to rent in the area.
In the real estate market, social housing is currently oneof the segments of special interest. Statistics from the Ministry ofConstruction show that the country has completed 301 social housing projectswith 155,800 apartments in urban areas. Currently, 401 projects with 454,360apartments are underway./.
VNA
