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| An apartment building in HCM City. The city has formed a task force to speed up the issuance of land use and home ownership certificates for homeowners. — VNS Photo Bồ Xuân Hiệp |
HCM CITY — HCM City authorities have formed a task force to speed up the issuance of land use and home ownership certificates in an effort to reduce disputes between buyers and housing developers.
Led by Nguyễn Toàn Thắng, director of the Department of Natural Resources and Environment, and supported by Huỳnh Thanh Khiết, deputy director of the Department of Construction, the 14-member team includes leaders from various departments.
The task force will advise the city People’s Committee on resolving obstacles and standardising the process for issuing ownership certificates, specifically for commercial housing projects.
The task force will analyse data on housing projects, identify challenges, propose solutions to the city administration, and implement measures to issue ownership certificates to homebuyers by December.
The task force will also advise the city on developing applications and websites to share information on legal and financial aspects of commercial housing projects, enhancing transparency for residents.
Việt Nam is grappling with a significant issue of unissued ownership certificates for residents, primarily due to developers' financial and legal troubles.
In many cases, homeowners have lived in their apartments for years without ownership certificates because developers have used these properties as loan collateral.
To resolve this, developers must repay their debts, a process that can take years due to developers' weak financial standing.
As of March, 59,000 apartments in the city lack ownership certificates, attributed to delays in documentation, unclear legal statuses, additional financial requirements, and ongoing inspections, according to data from the Department of Natural Resources and Environment. — VNS
