Ho Chi Minh City is involved in the correction of real estate projects that circumvent the law and raise capital illegally

Currently, in Ho Chi Minh City, many projects are not eligible to open for sale but receive deposits from customers. Typically, D-AQua, D-Homme, D-One Saigon – projects associated with the DHA Corporation brand of “Shark” Dang Hong Anh.

In which, D-One Saigon is located at 12 Phan Van Tri Street, Go Vap District. This project is advertised as an investor by DHA Company Limited. Since the end of 2018, the project has been advertised for sale by brokers, DHA D-One Joint Stock Company is the placeholder.

However, the real investor is Dong Hai One Member Limited Liability Company, belonging to the Military Region 7 Command. At the time the project was offered for sale and collected for reservation, Dong Hai One Member Limited Company had not yet received the Ministry of National Defense. The Department allows for the use of defense land for economic purposes. Currently, the land named D-One Saigon project is still just a wasteland. Many customers who have put down money at this project are still confused about where the project’s fate will go.

A new project of DHA Corporation called D-Aqua, frontage of Binh Dong Ben, Ward 14, District 8, launched in November 2020, is currently offered for sale for about 40-45 million VND/m2. Some brokerage floors are announcing to receive bookings with the amount of VND 50 million/apartment, although the project’s legality still has many loopholes.

Similarly, the D-Homme project is located at 765 and 751/8 Hong Bang Street, Ward 6, District 6, invested by Minh Anh Real Estate Services One Member Limited Liability Company. The D-Homme project was built underground, despite the project not having a detailed 1/500 plan.

According to experts, it is rare for investors to put apartments into business without detailed planning 1/500, because it contains too many risks. In particular, the immediate risk is the design that the investor has introduced to customers, later not approved by the authorities and forced to adjust for many different reasons. At that time, the story “hanging goat’s head, selling dog meat” will inevitably happen and disputes will easily arise.

In addition to the projects associated with the DHA Corporation brand, the Duc Long Western Park project, An Lac ward, Binh Tan district has not yet had a construction permit, but in fact the investor has carried out construction and sold apartments for sale. hundreds of customers to receive deposits. This has many potential risks for customers buying houses at the project.

Accordingly, Vice Chairman of Ho Chi Minh City People’s Committee Le Hoa Binh aims to implement solutions to solve the inadequacies in real estate transactions. This move is aimed at reorganizing real estate investment and business activities in Ho Chi Minh City, after the press reflected on the status of some investors “circling the law” in buying, selling and transferring projects. , as well as the situation that many customers have to “take the bitter fruit” when buying a house on paper.

In this direction, Mr. Le Hoa Binh requested the Department of Industry and Trade of Ho Chi Minh City to continue to organize the implementation of housing projects for investors, ensuring compliance with the regulations on the form of contract types prescribed. specifically according to Decree 76/2015 guiding the Law on Real Estate Business. All investors are responsible for registering the apartment sale and purchase contract according to the prescribed form (ensure the form, content and registration procedures of the contract).

Leaders of Ho Chi Minh City People’s Committee requested that the Department of Industry and Trade must organize regular or irregular inspection and examination of cases reported by the press or people to promptly handle according to regulations. This is to ensure the interests of customers buying and selling houses (consumers), avoiding disputes, complaints and lawsuits that affect security and order.

Vice Chairman of the People’s Committee of Ho Chi Minh City also requested that the Department of Construction coordinate with the People’s Committee of the district to strengthen the inspection, examination and handling of violations in the field of construction and real estate business.

In addition, the Department of Justice closely and effectively cooperates with the Department of Natural Resources and Environment to well implement the contents of registration of mortgage of land use rights, assets attached to land, etc. It is necessary to strengthen specialized inspection and examination in the field of notarization, promptly handle violations of notaries and notarial practice organizations.

With this direction of the leaders of the People’s Committee of Ho Chi Minh City, it was carried out at the request of the Department of Justice and the Department of Construction, in order to reorganize investment and real estate business activities in the city.

In Ho Chi Minh City, in the past time, although the authorities have fiercely dealt with the act of deceiving the sale of housing projects and gaining illicit profits, in which the police agency has prosecuted and detained goods. many business leaders, but many customers continue to fall into the “trap” of many investors.

According to the law, for real estate formed in the future, the investor can only raise capital when the infrastructure is completed and must have a document from a competent authority on eligibility. for sale. However, many projects are not eligible to open for sale but receive deposits from customers.

This capital mobilization is often hidden in the form of “reservation deposit contract”, “capital contribution contract”, “priority deposit” … sometimes up to 20%-30% of the apartment value. In fact, there are many cases where the investor has appropriated the buyer’s capital, even scammed, appropriated the deposit. Typically, hundreds of customers of Alibaba Real Estate Company have signed capital contribution contracts, made a deposit to reserve a place, prioritized the right to buy, and then waited forever to see no real estate.

In addition, in the market, over the past time, there have been a number of real estate businesses that have mortgaged the project twice. Specifically, businesses take the project’s red book as a mortgage for the first time and continue to mortgage the sold apartments to customers for a second loan, while the law only allows the project to mortgage. once.

“This is an improper form of business, deceiving customers, adversely affecting the market. This form of project mortgage will pose a great risk to customers, because if the project cannot be implemented, customers will lose everything,” said Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association. .

For apartment purchase and sale contracts, according to regulations, the purchase of condominiums formed in the future must comply with the contents of a model contract of a censored authority. However, in fact, at present, contracts are often drafted by the investor, so there is asymmetry of interests between the investor and the customer, the customer often holds the “side of the tongue”, in a weaker position. .

In order to limit risks, Lawyer Nguyen Trung Hieu, Ho Chi Minh City Bar Association said that before deciding to buy a future project, homebuyers must learn all the factors related to the future. projects such as land ownership, see if the project has been allowed to sell, any commercial banks to guarantee… Only then can you ensure your interests in the future.