Recently, the Hanoi Department of Construction requested the People's Committees of districts, towns and cities to direct functional departments and offices to inspect and review real estate trading floors in the area; compile a list and report to the City People's Committee (through the Department of Construction); and at the same time classify floors that are qualified and unqualified to operate.
Real estate businesses and real estate trading floors must complete their capacity profiles, compile information, and send reports to the Department of Construction before December 31, 2024.
Units that do not meet the requirements as prescribed will be removed from the Department's website by the Department of Construction and reported to the Ministry of Construction to be removed from the housing and real estate market information system.
This is a strong move as the government begins to tighten the operations of real estate trading floors.
However, to help the real estate trading floor system become effective, experts say it is necessary to issue more specific regulations and institutions to ensure the development and increase the transparency of the real estate market.
According to real estate expert Nguyen Anh Tuan, there should be clear regulations on the standards for establishing real estate trading floors and the standards for managers and operators of real estate trading floors. It is necessary to improve the professional qualifications of real estate brokers.
Strictly manage the operations of real estate trading floors; have regulations on promulgating operating regulations at real estate trading floors and publicizing the operating regulations of real estate trading floors for participating parties to monitor and implement.
Clearly stipulate the procedures and forms of real estate service contracts at real estate trading floors for all parties to comply with; stipulate and increase sanctions for violations of reporting and information disclosure regimes related to real estate listed at trading floors.
Encourage real estate trading floor service providers to apply technology to business operations; apply modern listing and trading systems to help real estate investors easily access market information.
On the part of the authorities, experts say that they need to be responsible for publicly announcing information on planning, land use plans, housing development plans, and information on infrastructure development investment.
It is necessary to publicly announce information about qualified real estate trading floor businesses... to ensure transparency, prevent fraud, and speculation in raising real estate prices for the purpose of illegal profit.
At the same time, additional regulations on public disclosure of real estate prices, procedures for performing transactions, and related service fees are added. This can increase the transparency and publicity of information on real estate projects put into transactions, especially real estate formed in the future.
