Located on Highway 2C through Vinh Tuong District, Vinh Phuc Province, the Tu Trung - Vinh Tuong New Urban Area project is impressive with more than 400 lots divided into types of Shophouse - Apartment - Commercial townhouse, villa. This project has a scale of more than 30 hectares, including 2 sub-areas, with an investment of 1,668 billion VND.
At the peak of the land fever in 2020-2021, real estate transactions including shophouses, 4-storey townhouses with an area of 100m2, rough construction with completed exterior on main roads reached more than 70-80 million VND/m2. Inside the band 2, the price of land that investors built themselves according to the investor's design also reached 40 million VND/m2.
Nearly a month after Phuc Son Group was investigated by the Ministry of Public Security for many violations, VietNamNet reporters directly surveyed the real estate market at the Tu Trung - Vinh Tuong New Urban Area project to monitor the fluctuations there.
The survey shows that, out of the total 400 real estate products of the project, about 1/4 of the plots have been granted land use right certificates. This clear legal issue has helped about 100 plots of land have favorable transactions, the current price is about 40-45 million VND/m2.
However, most of the remaining plots of land in the project still make many investors restless because they have not been granted land use right certificates.
On March 21, through real estate news sites, PV contacted a broker in Vinh Tuong district, Vinh Phuc province by phone. This broker said that currently, land plots that have been granted land use right certificates are very attractive to customers because the number is not much. The rest are mostly land plots where investors have only paid 95% of the amount and are waiting for the certificate to be granted, so there are few buyers.
"The arrest of Nguyen Van Hau, Chairman of the Board of Directors of Phuc Son Group Joint Stock Company, has made many people who bought land here very worried because they have not been granted land use right certificates. Because they have spent a huge amount of money from 3.5 to 4 billion VND, many investors are worried about risks," the broker revealed.
This person also affirmed that buying and selling land plots at this time would be a matter of "luck" because it depends on the investigation process and conclusions about the violations of Phuc Son Group.
"If this project is transferred to another investor, many problems will arise. For example, if another investor takes over the project and liquidates the old sales contracts, the loss will be huge," the real estate broker shared.
Faced with the risks that investors may encounter when investing in the above project, a leader of Vinh Tuong District People's Committee affirmed: The unit has reviewed all projects in the area. At the same time, the government has also explained to the people that they must wait for the conclusion of the Investigation Agency, and the results will be announced soon to reassure investors.
Investors should be cautious before trading.
In addition to the above project, VietNamNet continues to survey the Phuc Son Commercial and Housing Center project in Vinh Tuong district, Vinh Phuc province.
Mr. Nguyen Van T., a real estate consultant with many years of experience, shared: He has sold many plots of land in this project, so he knows very well that most of the first phase of the project has been granted land use right certificates and the land price in lane 1 of the main dual-track axis of the project is up to 40 million VND/m2, the land plots in lane 2 and lane 3 are currently trading at 30 million VND/m2.
Because the land use right certificate had been granted in advance, the investigation of Phuc Son Group did not greatly affect real estate transactions at the project. However, in phase 2 of the project, Mr. T. assessed that it would likely be greatly affected and could not attract investors because it had to wait for the conclusion of the authorities.
Lawyer Nguyen Thanh Hai - Director of An Hoang Gia Law Office said: It is very risky for investors to participate in projects that are not fully legal, only in the sales contract, capital contribution contract.
According to Mr. Hai, in case the investor is named by the Investigation Agency, it is necessary to wait for a specific conclusion before deciding on the next steps. Mr. Hai also noted that investors need to carefully study the legal issues of the type of land and townhouses, and check whether the investor has fulfilled its tax obligations to the state or not, and has all the legal documents before deciding to pay.
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