In 2018-2020, the land market in the suburbs of Hanoi witnessed a strong increase in the price of Hoa Lac land when the selling price continuously fluctuated and transactions took place vigorously. The teams of brokers and land brokers flocked here to make a profit. Many ghost projects, unlicensed projects, and untrue promotional projects are being sold widely on the market.
For example, in the previous phase, many customers were in trouble when paying for the Hoa Lac Lake View project in Binh Yen commune (Thach That district, Hanoi). In order to attract market purchasing power, this project is advertised with many beautiful words such as super profit, long-term possession of a permanent red book, view of a natural ecological lotus pond, right in the center of Hoa Lac...
However, at that time, the leader of Binh Yen commune (Thach That district, Hanoi) affirmed that there was no project named "Hoa Lac Lake View" in the commune. Also according to information from the commune leaders, when Hoa Lac Lake View was being offered for sale on a large scale, the current status of this area is just garden land for 5 households in the village. This means that investors who have spent money with Hoa Lac Lake View are buying an unreal project, not legally guaranteed during this period.
Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn, said that to minimize risks in buying and selling land, new investors in particular and investors in general need to pay special attention to understanding project legality.
Accordingly, a land project eligible for sale on the market must ensure many conditions. These conditions are all included in the 2023 Law on Real Estate Business, effective from August 1, 2024. First of all, that land project must complete the investment in the construction of technical infrastructure works according to the plan; ensure the provision of electricity, water, drainage, waste collection services... The project must have a certificate of land use rights. The right to use the transferred land is within the land area of the project with a certificate of land use rights.
Notably, land use rights are not in dispute, or if they are, they have been resolved by judgments, decisions, and judgments that have come into legal effect. Land use rights are not subject to seizure to ensure enforcement of judgments and are not subject to the law prohibiting transactions, and are subject to suspension or temporary suspension of transactions.
In addition, land not located in wards, districts, or cities of special-class urban areas, type I, type II, and type III; not subject to auction of land use rights to invest in housing construction projects according to the provisions of the Land Law. For the remaining areas, the Provincial People's Committee will base on local conditions to determine the areas where project investors are allowed to transfer land use rights with technical infrastructure for individuals to build their own houses.
In addition, before transferring land use rights with technical infrastructure in real estate projects, project investors must have a written notice sent to the state management agency of real estate business at the provincial level about the land use rights that are eligible for transfer, and information about land use rights with technical infrastructure in real estate projects has been made public according to regulations.
Mr. Tuan emphasized that according to the Law, the enterprise has fulfilled its financial obligations on land including land use fees, land rents and taxes, fees and charges related to land (if any) to the State according to the provisions of law for the land area with technical infrastructure in the real estate project put into business.
