Investor puts apartments up for sale before securing land rights

ByIda G. Payne

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The social housing undertaking Lotus Backyard at Phu My District (Dong Thap Province) has not been granted a design allow by the provincial authority, nevertheless the undertaking was nevertheless putting apartments up for sale.

Investor puts apartments up for sale before securing land rights
The design web page of the Lotus Backyard job at Phu My District, Dong Thap Province.-VNA/VNS Image

The project has an original outlay of approximately VND530 billion (US$23 million), financed by the Phuong Nam Transportation Development Exploitation JSC (PNC).

There are around 504 apartments and 14 professional structures in its design strategy, which is anticipated to be accomplished in Q2/2025.

The Provincial Office of Building (PDC) disclosed that to date, the challenge buyers have not secured a building permit and evidence of land use legal rights and have not handed in an appraisal dossier. As a result, they are not lawfully allowed to make sale announcements.

Nonetheless, the traders are starting to market place their apartments through issuing “Reservation kinds” and “Agreement to obtain types.”

Similar offers can also be located on social networks, in which dwelling prospective buyers can safe the suitable to purchase apartments by putting down deposits.

Le Van Ngot, deputy director of PDC, claimed that his section is requesting the investors and appropriate brokers to end the illegal sale of residences. The sale will not be re-opened till the job obtains a carte blanche from the authority.

The deputy director also underscored that not all dwelling customers are suitable for the residences but only those people described in Decision 35 issued by the People’s Committee of Dong Thap Province.

Qualified prospective buyers incorporate men and women with “meritorious expert services to the revolution, men and women with lower incomes residing in urban places, military services officers, cadres, officers and community servants.”

PNC admitted that it was too hasty to offer you the ideal to purchase to customers with deposits. Accordingly, it will return the deposits to the customers and call off the sale.

PNC also stated a sale announcement would be designed once again as soon as the authority provides the task the inexperienced mild. Income facts will be revealed at its workplace, on PDC’s internet sites, and in the media.

So considerably, the undertaking has accomplished the geological investigation and load exams and obtained a variety of required papers, like environmental and fire protection licenses. The moment the building site is prepared, the floor-breaking ceremony will be set.



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