At the end of a National Assembly discussion on the draft amendments to the Law on Real Estate Business on the morning of October 30, Construction Minister Tran Hong Minh answered questions from lawmakers.
Regarding deposits for real estate projects, the minister said the draft law already sets out detailed rules. It expressly prohibits accepting deposits for a real estate project before the project meets the required conditions.
According to the minister, an investor must complete many procedures before being allowed to accept deposits. The investor must comply fully with the requirements to reach that stage.
“The deposit is guaranteed by a bank. If the investor is transparent and acts properly, it must carry out the project from start to finish, complete acceptance procedures, hand the project over for use, and quickly arrange the certificate of land-use rights for the buyer so it can recover the money,” Tran Hong Minh said.
The minister also referred to lawmakers’ concerns that several ghost projects and projects with unclear information had been put on the market in recent years. He said he accepted the concerns and stated that authorities would tighten controls so residents and businesses could carry out transactions without obstacles.
On the information database for land, housing and the real estate market, the minister said the draft law provides for a data system, electronic identifiers for real estate assets, certificates for real estate brokers, and mechanisms to connect and share information among sectoral databases on land, taxes and residents.
He said the database should be synchronized, consistent and transparent.
Tran Hong Minh said electronic identifiers for real estate assets would give the state a tool to manage and monitor the market. They are intended to limit fraud, speculation and profiteering.
The tool would also allow residents and businesses to look up information, reduce procedures and costs, and help build a more transparent, safe and sustainable real estate market.
The minister said the Ministry of Construction had completed the IT infrastructure and software system for collecting, connecting, storing and providing data on housing and the real estate market. The system has already been connected to several national databases to share, retrieve and compare information.
The Ministry of Construction handed administrator accounts to local authorities across the country. Since July 30, local authorities have gradually created accounts for inter-sectoral units and project investors to submit reports as required.
“So far, the system has synchronized and created 12,200 user accounts. It contains information on 66,302 real estate transactions, 816 real estate projects and 18,106 real estate broker certificates,” Tran Hong Minh said.
Sources: Dân Trí
