Condotel buyers to be granted land use rights, ownership certificates
Condotel buyers to be granted land use rights, ownership certificates
The Ministry of Natural Resources and Environment has written to its subordinates across localities calling for the issuance of land use rights and ownership certificates of fixed terms for buyers of condotel products.
The ministry has ordered the municipal and provincial Departments of Natural Resources and Environment to review approved projects and the handover of land for these projects, the local media reported.
The land use rights and condotel ownership certificates will be granted if projects meet regulations on land to ensure the legitimate rights and interests of buyers.
Mai Van Phan, deputy head of the General Department of Land Administration, under the Ministry of Natural Resources and Environment, noted that the certificates will have a maximum term of 50 years, depending on the lease terms for land lots for condotel projects.
The longest term permissible for projects with high investment but slow capital recovery and those being executed in localities with difficult socioeconomic conditions will be 70 years. The term will be considered for extension if necessary.
According to lawyer Huynh Van Nong from the HCMC Bar Association, not all buyers of condotel projects will be granted these certificates.
At present, many investors are allowed to develop hotels and resorts, which are later put up for sale as condotels.
Under the Ministry of Natural Resources and Environment’s instructions, buyers of condotel projects approved by the competent agencies must be granted the certificates, Nong noted.
With the certificates, condotel owners can mortgage, lease and transfer the property during the period of the certificate’s validity.
