Accordingly, the Binh Thuan Department of Construction requires 33 investors and businesses not to sign contracts with real estate brokerage units to transact, transfer, receive reservations, make reservations, register locations, etc. At the same time, they are not allowed to post on the internet and social networks about content related to transaction activities when the project does not meet the transaction conditions.
The request to stop trading is related to legal issues in 33 projects, including 17 residential areas, urban areas and 16 coastal resort projects. These projects are mainly concentrated in: Phan Thiet city, La Gi town, Ham Tan, Ham Thuan Thuan Nam, Bac Binh and Tuy Phong.
A real estate project not yet licensed for trading in Tuy Phong district Photo: Binh Thuan Newspaper
Specifically, some new projects have been approved for investment policies or have been licensed but have not completed infrastructure. Some projects have completed apartment construction but have not yet changed the purpose of using commercial service land to urban residential land. In addition, many projects invest in villas and commercial areas for sale and business during the project life cycle, but current laws do not have specific regulations related to this issue.
Previously, in April 2023, the Binh Thuan Department of Construction named and sent an official dispatch to the authorities about 33 real estate projects that did not meet legal conditions and were not allowed to be traded. The Department said that many investors and related brokerage units posted information promoting their projects that were not true to their nature and objectives, affecting real estate business activities in the locality. This could potentially cause insecurity and disorder, making Binh Thuan a hot spot for disputes and lawsuits related to real estate.
In order for real estate business activities to be carried out in accordance with the provisions of law, the Department of Construction requests that investors of real estate business projects in the 33 named projects not carry out or sign contracts with real estate brokerage units to conduct transactions, transfers, or use forms of reservations, bookings, etc. related to transaction activities when the real estates do not meet the conditions for transactions.
In addition, investors of real estate projects must publicly disclose information about real estate put into business (according to the provisions of Article 6 of the Law on Real Estate Business). In addition, investors must promptly complete investment procedures, construction permits, and speed up construction progress when they are eligible to put real estate into business according to regulations.
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