The Ho Chi Minh City Real Estate Association (HoREA) has just issued a document to the Prime Minister and the State Bank, stating eight major problems of the real estate market, and at the same time proposing a number of credit solutions.
In particular, the main problem is the procedure for approving investment policies, at the same time approving investors for all social housing projects and commercial housing projects where investors have "land use rights".
The second problem is the regulation on residential land or residential land and other land, requiring investors of commercial housing projects to "have the right to use residential land". This regulation causes great difficulties for hundreds of commercial housing projects because investors have spent money to create land funds but cannot implement them.
Real estate market in Ho Chi Minh City and the whole country is waiting for obstacles to be removed for a strong recovery.
Third, "adjusting the 1/2000 scale zoning plan" is the responsibility of the competent state agency so that enterprises have a basis to develop the 1/500 scale detailed plan of the investment project.
The fourth problem is the specific land valuation procedure, land appraisal, and land price decision to calculate land use fees, land rental fees for real estate projects, commercial housing, etc.
Fifth, competent state agencies have been slow to issue regulations on handling the "State-managed land area (public land) interspersed in commercial housing projects", so for more than 6 years, many commercial housing projects have been stuck in the "investment policy approval" procedure or the "specific land valuation, land price appraisal, land price decision" procedure to calculate land use fees and land rent.
The sixth problem in Clause 2, Article 49 of the 2014 Law on Real Estate Business has restricted the transfer of projects, part of commercial housing projects of investors.
Regarding social housing policy, there are also problems in creating land funds for social housing development; the regulation that investors of commercial housing projects must reserve land funds for social housing construction is still inadequate, not close to reality or is stuck in procedures for approving investment policies or is stuck in procedures for "approving detailed planning 1/500" or has not been fully calculated for compensation and site clearance costs.
Finally, access to preferential mechanisms for investors of social housing projects and buyers and renters of social housing...
In addition to proposing to the Government and local ministries to promptly resolve the above-mentioned obstacles, HoREA recommends that the State Bank request commercial banks to speed up the implementation of the 120,000 billion VND credit program for preferential loans to develop social housing, workers' housing, and renovate and rebuild old apartments. At the same time, consider expanding the subjects eligible for loans from the 120,000 billion VND credit package, including investors and home buyers of commercial housing projects with selling prices not exceeding 3 billion VND/unit and giving priority to first-time home buyers.
Source: https://nld.com.vn/kinh-te/kien-nghi-mo-rong-doi-tuong-duoc-vay-goi-tin-dung-120000-ti-dong-20231118111335052.htm
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