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Local authorities take action to stop ‘land fever’

Localities are taking serious measures to control real estate brokerage activities and speculation, as they believe that the activities are behind land price escalation.
 

 

Bac Giang Construction Department has released a document requesting that people’s committees of districts and cities in the province strengthen control over the real estate markets to discover, prevent and handle inflated real estate prices.

It requested monitoring and inspection of real estate brokerage, and strict punishment of institutions and individuals involved in illegal activities in brokerage services and trade in real estate.

The developers of real estate projects have to fully and accurately disclose information about their projects.

The document said project developers must not mobilize capital for projects if they cannot meet the requirements. They can only sign contracts with real estate trading floors and consultancy units if they have sufficient conditions to sell housing that will take shape in the future, according to the Housing Law and Law on Real Estate Business.

The businesses that run real estate trading floors must ensure that real estate products put into transaction on the floors satisfy requirements as stipulated by the law. The businesses have to provide full and truthful records and information about real estate and take responsibility for the records and information they provide.

The organizations and individuals on real estate trading floors have the right to ask businesses to provide documents and information about real estate, and sign contracts with them on purchase/sale, transfer and leasing. The organizations and individuals can also ask businesses to pay compensation for damages caused by the faults of real estate trading floors.

Vinh Phuc People’s Committee has also issued a resolution on strengthening control over real estate trading activities in the province after finding signs of land speculation that causes artificial land fever.

Seven departments and districts’ people’s committees will implement the task.

Local construction has been asked to not consider proposals on land transfer under the mode of land-lot allocation for sale at  projects in the locality. It has been asked to tightly control real estate projects, especially projects that will take shape in the future.

Meanwhile, Vinh Phuc police have been asked to supervise areas with signs of land price hike and artificial fever, and investigate the land speculation and inflation for profit.

Analysts say that land fever, which appeared in late 2021, has been spreading in many localities. Land prices have been soaring not only in Hanoi and HCM City, but also in rural and mountainous areas.

Many reasons have been cited, including price inflation. Real estate brokers deliberately push up the prices up to warm up the market.

Thuan Phong

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