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| Since the end of 2022, the real estate market in Thanh Hoa has been facing many difficulties due to slow liquidity. (Source: BXD) |
Hanoi strictly controls real estate speculation
The Hanoi People's Committee has just issued a Decision approving the Project "Developing Hanoi's Urban Economy", which requires ensuring balanced development of the real estate market and strictly controlling speculation.
Assessing the general development situation of industries in Hanoi, the project said that in the real estate sector, by 2020, the urban area will have 22,934 non-state real estate businesses.
These establishments are concentrated in Cau Giay (3,600 establishments), Thanh Xuan (3,414), Nam Tu Liem (2,417), Bac Tu Liem (2,750), Long Bien (2,680) districts... attracting thousands of workers to participate, with a high growth rate in the period 2016-2020.
The average revenue growth rate of the non-state real estate business sector in Tay Ho district increased by 38.57%/year, Long Bien 24.4%/year, Ha Dong 39.14%/year, Nam Tu Liem 18%/year, Bac Tu Liem 10.68%/year...
However, the project also pointed out that in the process of developing the real estate market, there are still many shortcomings and limitations such as: Some indicators on urban infrastructure such as housing, urban traffic, and park area per capita are low compared to other countries in the region and the world.
Overloaded urban infrastructure causes traffic congestion, flooding and urban environmental sanitation, and commercial infrastructure in urban areas has many shortcomings and difficulties.
On that basis, through the Project "Developing Hanoi's urban economy" issued on June 13, the City People's Committee assigned the Department of Construction to advise on solutions for developing residential real estate products, industrial real estate, commercial real estate - services (retail premises, offices for rent, hotels...).
In particular, it is necessary to control and regulate to ensure the real estate market develops in a balanced supply-demand, stable, healthy, open and transparent manner; and strictly control real estate speculation in central areas.
The Hanoi People's Committee requested specialized agencies to encourage the development of green buildings, green offices, and environmentally friendly green hotels to serve the rental market and tourism business, in line with the orientation of developing central urban trade and services.
At the same time, prioritize the development of social housing funds in areas that are oriented to become districts in the near future. Announce the list of investors in social housing projects and the renovation and reconstruction of old apartments that can borrow a 2% interest rate support package through the commercial banking system.
Quang Nam proposes to revoke Bach Dat An's project
According to Construction , on June 14, the Department of Planning and Investment of Quang Nam province has just sent a report to the Provincial People's Committee on the difficulties and obstacles in consulting on extending the progress of housing construction investment projects invested by Bach Dat An Joint Stock Company (Bach Dat An Company).
According to the Department of Planning and Investment of Quang Nam province, Bach Dat An Company was assigned to implement 14 projects. To date, the People's Committee of Quang Nam province has terminated investment activities for 5 projects.
The remaining 9 projects are being implemented. However, in the process of implementing the above projects, the investors encountered difficulties and problems.
Especially with 3 projects including 7B Urban Area expansion, Hera Complex Riverside Urban Area, Bach Dat Urban Area, the signing of capital mobilization contracts for these 3 projects with Hoang Nhat Nam Investment Joint Stock Company and GAIA Real Estate Investment Company Limited, the legal documents of these projects are incomplete, there is no infrastructure, financial obligations to the state have not been fulfilled, and they have not been guaranteed according to regulations.
In addition, the land lots in these 3 projects have been transferred many times by buyers in reality, when the progress of the above projects was not guaranteed as committed to the buyers, leading to complaints, lawsuits, and crowds gathering at state agencies, creating hot spots in Quang Nam province.
Based on the comments on extending the project implementation progress of relevant units, the Department of Planning and Investment of Quang Nam province found that Bach Dat An Company did not fulfill its tax obligations to the State agencies, did not transfer funds to pay compensation and site clearance according to the approved plans and the direction of the People's Committee of Quang Nam province.
In addition, this company did not cooperate in performing the obligation to deposit a guarantee to ensure project implementation according to regulations.
"Thus, the investor's capacity is not guaranteed to continue implementing the project. At the same time, the tax authority requested to revoke the enterprise's business registration certificate. Therefore, the Department of Planning and Investment has no basis to advise the competent authority to extend the project implementation progress," the report stated.
Faced with that situation, the Department of Planning and Investment submitted to the People's Committee of Quang Nam province for consideration and reported to the Party Committee of the Provincial People's Committee to ask for direction from the Standing Committee of the Provincial Party Committee on terminating the activities of projects implemented by Bach Dat An Company.
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| Quang Nam province authorities propose to revoke the project of Bach Dat An Company. (Photo: Cong Binh) |
Thanh Hoa: Many real estate properties advertised for sale at a loss still face difficulties
It is not difficult to find ads for real estate for sale at a loss, "quick sale to recover capital" or urgent sale to pay off debt... on real estate buying and selling pages, real estate buying and selling groups, and housing buying and selling groups (on social networks).
According to research, from the end of 2022 until now, the real estate market in Thanh Hoa is facing many difficulties due to slow liquidity, while bank interest rates are increasing, many investors are in "crisis", finding capital to rotate is difficult, forced to cut losses to rotate or recover capital to reinvest in other fields.
The fact that many real estates of investors are having difficulty in liquidating, causing investors to increase their burden, they are looking for every way to stimulate demand, such as cutting losses or selling quickly to recover capital can be seen in the land plots in some districts and towns where land was previously "hot", now the period of digital land has passed, the economy is difficult, people's demand has decreased sharply, bank interest rates have increased, making real estate difficult to liquidate is inevitable.
Through the survey, not only land plots are in a state of illiquidity, but many unfinished real estate projects are also in a state of difficulty in selling, because people think the price is too high. Typically, some projects in Quang Thang ward, Dong Ve ward, Thanh Hoa city.
Procedures for converting agricultural land to residential land
At Point d, Clause 1, Article 57 of the 2013 Land Law, when households and individuals convert agricultural land to non-agricultural land, they must ask for permission from the People's Committee of the district where the land is located (district, urban district, town, city under a province, city under a centrally-run city). In addition, people also need to prepare documents to apply for land use purpose change in accordance with the provisions of law.
Accordingly, people must apply for land use purpose change and can only change it when there is a decision of permission from the People's Committee of the district where the land is located. If they change it without permission, they will be fined and forced to restore the original state.
Pursuant to Article 59 of the 2013 Land Law, the authority to permit the change of land use purpose is clearly stipulated as follows:
For organizations: Provincial People's Committee (province, centrally-run city) decides.
For households and individuals: District People's Committee has the authority to decide.
In case of permission to change the purpose of agricultural land use to commercial and service purposes with an area of 0.5 ha or more, there must be written approval from the Provincial People's Committee before the decision is made.
Thus, households and individuals applying for permission to change land use purposes must clearly state in the application: Dear People's Committee + name of district, town, city under province, city under centrally-run city where the land is located.
Application for land use purpose change includes: Application for land use purpose change according to form No. 01 issued with Circular 30/2014/TT-BNTMT; Land use right certificate (Red book, pink book).
Procedures and order of implementation:
Step 1. Submit application. Place of submission (applicable to households and individuals):
Method 1: Submit application at the district-level one-stop department to forward to the Department of Natural Resources and Environment.
Method 2: In places where there is no one-stop department, submit directly to the Department of Natural Resources and Environment.
Step 2: Receive documents.
If the application is complete, the receiving department will record it in the receiving book and give a receipt to the applicant.
If the application is incomplete or invalid, within no more than 03 working days, the applicant must be notified and instructed to supplement and complete the application according to regulations.
Step 3. Resolve the request. Upon receiving the tax authority's notice of payment, the land user must pay the correct amount and within the deadline stated in the notice.
Step 4. Return results.
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