while there remains a shortage of regulations to ensure the development of these new property products.

Real estate projects constructed in Da Nang City. The Ministry of Construction has asked provincial and municipal people’s committees to tighten the management on condotels, officetels, resort villas and shophouses. — Photo diendanbatdongsan.vn

According to the ministry’s document sent to the provincial and municipal people’s committees late last week, condotels, officetels, resort villas and shophouses were developing rapidly in some localities.

However, a number of problems arose during the investment, construction and operation of these projects, such as incomplete planning as well as a lack of regulations about the relationship between investors and confusion in granting ownership certificates.

In addition, when falling into difficulties, investors of several condotel and officetel projects asked for the conversion of their projects into other residential buildings, which put pressure on technical and social infrastructure.

In that situation, the ministry asked provincial and municipal people’s committees to strictly comply with established regulations on technical standards when evaluating and approving these projects, including construction areas, number of units and number of residents allowed to live in condotels and officetels.

Careful consideration must be given when granting new projects, the ministry asked.

Recently, Ha Noi People’s Committee also asked the municipal departments to tighten the management on condotels and officetels as well as projects which were asking for conversion into residential purposes.

The municipal People’s Committee also asked the Department of Tourism to inspect the operation of condotels and officetels in the city.

In early August, the ministry said that compilation of amendments to the Law on Real Estate Business was underway, which would clearly regulate the construction and operation of tourism property products to ensure the legitimate rights of relevant parties. — VNS

Local authorities tighten control over investments in condotels

Hanoi local authorities are seeking to strengthen management over the construction, investment and trade of condotels, officetels and resort villas.