HCMC will remove bottlenecks for the development of the real estate market

At the meeting on February 20 on solving difficulties and problems in 116 real estate projects in the city following the HCMC Real Estate Association’s proposal, Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong and leaders of related agencies listened to opinions of seven investors of construction projects. A representative of Novaland – one of the leading real estate developers - also presented their opinions as the company has bumped into difficulties with its two projects.

After the meeting, Vice Chairman of Ho Chi Minh City People's Committee Bui Xuan Cuong concluded to remove difficulties for four projects while the three remaining projects need the assistance of the central authority.

Specifically, in the commercial center and luxury apartments on Ben Nghe Street in District 7, Mr. Cuong assigned the Department of Natural Resources and Environment to listen to the comments and suggestions of the developers and later report to the city People's Committee for consideration and decision. The content of the report should clearly state the process of considering and resolving land allocation, land use purpose change, land use right certificate issuance, and land use right transfer at the project up to the present time.

In addition, the Department of Natural Resources and Environment needs to analyze and evaluate specific problems and propose solutions to ensure legal regulations and policies to remove difficulties for businesses. Its reports should be sent to the municipal People’s Committee before March 10.

Regarding the Cuu Long Apartment project in District 4, the leader of the City People's Committee assigned the Department of Finance and the Sub-Department of Corporate Finance to study the Department of Construction's suggestions, and provide feedback to the Construction Department so that the latter can resolve the next procedures of the project. The two former agencies must send their reports to the Department of Construction and the City People's Committee before March 5.

Regarding the Co Giang Apartment project in District 1, Mr. Bui Xuan Cuong assigned the Department of Construction to coordinate with the Department of Natural Resources and Environment, the People's Committee of District 1 and related agencies to study the opinions of the Department of Natural Resources and Environment as per the official dispatch dated December 16, 2022 and documents of related ministries and agencies. Reports should be sent to the City People's Committee before March 15.

The City People's Committee said that the problems of the Thien Ly Residential Area project in Thu Duc City related to the procedure for adjusting investment approval. To remove and completely solve problems in the above project, the Department of Construction is assigned to actively discuss and work with the Urban Development Agency under the Ministry of Construction to reach a consensus to help the investor complete the procedures for the ongoing implementation. Related agencies must send their reports before March 10.

Prior, on March 1, Vice Chairman of the City People's Committee Bui Xuan Cuong and leaders of departments and agencies listened to the report on land, real estate and social housing. The projects reported at this meeting include the land of Van Phuc Saigon Hospital Joint Stock Company, 13 land plots in District 1 of Ben Thanh Trading and Service Company, a project of Thanh Da Laboratory Company in Binh Thanh District, Phu Hoang Anh Apartment Building in Nha Be District and District 7, Bay Hien Tower project in Tan Binh District and the payment of 288 apartments in block C of Thanh Thai apartment building in District 10 invested by Long Giang Urban Development and Investment Company.

Source: SGGP