State investment in the renovation of apartment buildings in specific cases.

Illustrative image (source: internet)

According to Clause 2 of Decree 101/2015/ND-CP, the state shall invest in the renovation and reconstruction of apartment buildings in the following cases:

- Apartment buildings subject to demolition for renovation and reconstruction under Clause 1 and Clause 2 of Article 110 of the Law on Housing, but at the end of the period specified in Clause 5 and Clause 6 of Article 7 of this Decree, if the owners do not select a real estate business enterprise to carry out the demolition and reconstruction, the state shall enforce the demolition and directly invest in the renovation and reconstruction of the apartment buildings using the capital specified in Clause 3 of Article 36 of the Law on Housing;

- The state shall implement the build-transfer (BT) contract with investors who are responsible for reconstructing the old apartment buildings either on the old plot of land or at another location to meet the resettlement needs of the apartment building owners subject to demolition for renovation and reconstruction. The implementation of the housing construction project under the build-transfer (BT) contract shall comply with the regulations of the law on housing and related laws.

Additionally, Decree 101/2015/ND-CP also allows the owners of apartment buildings subject to demolition for renovation and reconstruction under Article 110 of the Law on Housing to choose enterprises or cooperatives established and operating under the law and having the function of real estate business (hereinafter collectively referred to as real estate business enterprises) to invest or contribute capital to carry out the demolition, renovation, and reconstruction of the apartment buildings.

See the full text of the regulation at Decree 101/2015/ND-CP which came into effect on December 10, 2015.

Tuesday

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE