Ministry seeks more effective property sector supervision

HCM CITY (Homeid)— A new circular from the Ministry of Construction requires property developers to regularly report on the progress of projects to enable authorities to improve oversight of the industry.

Circular 11, to take effect in October, requires reporting on three main aspects: basic general information about the project, with changes incorporated when made; project's progress; and business before and after completion.—File Photo

 

Circular 11, to take effect in October, requires reporting on three main aspects: basic general information about the project, with changes incorporated when made; project's progress; and business before and after completion.

The latter two include details of land clearance, construction progress, financial situation, and sales.

The information has to be furnished to the Housing Management Department or local construction departments within up to 15 days after making changes or completing work.

Besides, the departments are required to update the ministry every quarter and year on local real estate projects, land acquisition, and real-estate transactions.

The ministry has said that departments of construction in provinces and cities have not fulfilled their responsibilities in managing local construction activities.

But it blamed itself on the lack of regulations on such reports.

The lack of co-operation among various agencies is also another reason, it said.

The circular would greatly improve management of the real-estate sector, it added. — VNS

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