Types of housing and standard areas of commercial housing in Vietnam

Types of housing and standard areas of commercial housing in Vietnam

Pursuant to Article 24 of the Law on Housing 2014, the investor shall decide types of housing, standard areas of every commercial housing provided that they conform to specific construction planning, standards of residential construction and architecture, and the approval for residential construction policies granted by the competent agency.

Apartments must have a closed designed and floor areas conformable with construction standards and regulations.

Separate housing must be built in accordance with construction planning, approved designs, and construction standards & regulations.

Types of housing and standard areas of commercial housing in Vietnam (Internet image)

Rights of investors in projects for commercial housing construction in Vietnam

Rights of investors in projects for commercial housing construction are stipulated in Article 25 of the Law on Housing 2014 as follows:

- Request related agencies to follow procedures for formulation, assessment, approval or implementation of the projects as prescribed.

- Enter into agreements on housing lease, lease purchase or sale; mobilize capital, collect payments from agreements on housing lease, lease purchase or sale as prescribed in this Law, law on real estate trading and the signed agreement.

- Exercise rights of land users and trade in products of the projects as prescribed in law on land and law on real estate trading.

- Transfer part or all of the project as prescribed in law on real estate trading.

- Manage; operate the technical infrastructure within the scope of the project in conformity with the approval of residential housing projects granted by the competent agency.

- Request the competent agency to grant the Certificate of housing in the projects prescribed in Article 9 of this Law and law on land.

- Benefit from incentive policies carried out by the State over the progress of the project as prescribed.

- Exercise other rights as prescribed in regulations of this Law and relevant law provisions.

Obligations of investors in projects for commercial housing construction in Vietnam

Obligations of investors in projects for commercial housing construction prescribed in Article 26 of the Law on Housing 2014 are as follows:

- Exercise other rights as prescribed in regulations of the Law on Housing 2014 and relevant law provisions.

- Make deposit to carry out the projects as prescribed in law on investment; pay guarantee for housing transactions as prescribed in law on real estate trading; ensure finance to carry out the projects as prescribed.

- Build housing and technical and/or social infrastructural works according to the specific planning and approval of residential housing policies granted by the competent agency, satisfy standards of design, standard housing areas and rate of progress of the approved projects.

- Reserve the land plots used for technical infrastructure in the projects for social housing as prescribed in law on housing.

- Announce the information prescribed in Point b Clause 5 Article 19 of the Law on Housing 2014 on their websites and at the head offices of their project management board; send reports on implementation of the projects periodically and at the end of the progress of the projects as prescribed in law on housing and law on real estate trading.

- Fulfill all commitments in the agreements on project trading, transfer of housing and related documents on housing transactions to clients; conduct transactions in housing sale, lease, or lease purchase and trading in land use rights as prescribed in law on real estate trading.

- Apply for the Certificates of housing which are granted to the buyers or the lessees by the competent agency within 50 days, from the date on which the housing is transferred to the buyers or the lessees pay off the contractual total amount, unless the buyers or the lessees wish to apply for the Certificates themselves.

In case the housing is built for lease, the investors must file and store documents on housing as prescribed in Article 76 and Article 77 of the Law on Housing 2014.

- Provide warranty on housing as prescribed in this Law and law on construction; fulfill financial obligations to the State as prescribed.

- Abide by effective decisions on actions against violations against regulations on housing development, capital mobilization, advance payment of clients, housing transactions and other transactions prescribed in Article 26 of the Law on Housing 2014 made by the competent agencies.

- Pay compensation if the investor causes damage to clients or organizations, households or individuals involved in housing construction.

Mai Thanh Loi

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