In early December 2024, the social housing project at plot NO1 of Ha Dinh Urban Area (Thanh Xuan District, Hanoi) began construction after a period of being abandoned and slow to implement.
Previously, due to some problems caused by the joint venture investor requesting to adjust the planning, this project had to comply with regulations on management, use of state capital and approval of fire prevention and fighting, leading to delays.
The City People's Committee has issued a decision to impose administrative penalties on the joint venture investor, and assigned the Department of Construction to research, advise, and gradually resolve the problems.
At the end of November 2024, CT1 apartment building with a scale of nearly 600 apartments in Thuong Thanh social housing area, Long Bien district was granted a construction permit by the Hanoi Department of Construction.
These are very positive moves, accelerating the development of social housing in the city, and are expected to help cool down housing prices soon, ensuring healthy and balanced market development.
In addition to the above projects, many projects that have been delayed for many years have had their problems resolved. For example, for the Kim Quy Cultural, Tourism and Entertainment Park Project, the investor is focusing resources and closely coordinating with the Dong Anh District People's Committee in clearing the remaining area, to be completed in 2024.
Real estate experts point out many reasons for the slow implementation of projects, mainly due to problems related to unclear legal regulations and procedures, changes, or investors facing financial difficulties.
According to Ngo Lam, Chief of Office of the Ministry of Construction, the real estate market since the beginning of 2024 has shown signs of positive changes such as: supply has improved; transaction volume for apartments, individual houses and land plots has tended to increase... However, there are still local price fluctuations in some segments and some areas.
Faced with the situation of rising real estate and commercial housing prices in some large cities, the Ministry of Construction promptly reported to the Prime Minister, assessing the current situation, analyzing the causes and proposing solutions; at the same time, there were many documents urging and reminding localities to have timely solutions.
“In 2024, the Working Group under Decision 1435/QD-TTg of the Prime Minister handled 191/191 petitions from localities, enterprises, associations and people related to 210 real estate projects. The Working Group worked with localities and a number of real estate enterprises to listen to reports, grasp information, situations and review each specific real estate project to discuss, guide, and answer questions to remove difficulties and obstacles in implementation" - Chief of Office of the Ministry of Construction Ngo Lam added.
Entering 2025, the construction industry will continue to focus on disseminating, thoroughly understanding, implementing and monitoring the implementation of the 2023 Housing Law; the 2023 Real Estate Business Law and legal guidance documents; strengthening information and forecasting work, promptly having solutions to respond when the market has unusual fluctuations, promptly handling arising problems.
This move, along with timely instructions and solutions issued by the Government, Ministries and local sectors to remove legal bottlenecks, will be two necessary and sufficient elements for projects to find a "way out".
