Hanoi to revoke licenses of delayed projects
Hanoi to revoke licenses of delayed projects
A range of violations were uncovered after the Hanoi Department of Construction conducted inspections of 573 real estate projects and new urban area projects recently.
There were 17 projects found to be more than 24 months behind the schedule committed to by developers when their investment was licensed.Thirty other projects have been allocated land or land leases for 12 months but are yet to begin construction.
Twelve projects were found to be delayed due to the developer facing difficulties or have not kicked off construction since the real estate market went through a crisis a few years ago.
There were also 41 projects found out to be unsuitable with the general planning of the city.
The Hanoi People’s Committee issued Notice No. 279/ TB-VP recently, on dealing with violations in real estate projects, under which it will revoke the licenses of delayed projects and punish developers who deliberately delay implementation.
It also assigned the Department of Construction to suggest measures for managing projects post-licensing, for submission to the city’s government before September 5.
The Department will also be responsible for introducing software to monitor and manage new urban areas, commercial housing projects, and social housing projects in the city, which is to be put into operation prior to June 2016.
