New Regulations for Granting Red Books to Mixed-Use Office Buildings According to the Land Law 2024
Many people dream of owning their own property, whether it’s a home, an office, or a combination of both. However, in Vietnam, there are specific regulations regarding the granting of red books (sổ đỏ) for mixed-use office buildings. These regulations are outlined in Article 143 of the Land Law 2024. Let’s explore what these regulations entail and how they impact property ownership in the country.
Granting of Red Books for Different Types of Land Use
Under the Land Law 2024, the granting of the red book, or the Certificate of Land Use Rights and Ownership of Assets Attached to Land, is determined by the type of land use. This includes land used for urban areas, rural residential areas, production projects, and business endeavors with various purposes.
For development projects involving urban or rural residential areas that consist of multiple construction items or different land areas with different purposes, it is crucial to clearly define the location and dimensions for each specific land use. The red book should then be granted accordingly to reflect these specifications, following the guidelines stated in Article 9 of the Land Law.
Specific Land Use and the Public Interest
The granting of the red book is performed on a case-by-case basis, taking into account the specific purpose of the land use and its compliance with the approved detailed construction plans. However, for land areas devoted to the construction of public infrastructure serving the collective interests of the community within or outside urban or rural residential areas, the ownership rights and assets attached to the land are not granted through the red book.
Mixed-Use Office Buildings
In the case of mixed-use office buildings, commercial properties, or services, the granting of the red book depends on the needs and qualifications of the investor. If the developer meets the necessary requirements, they will be granted the red book for one or more apartments, offices, commercial spaces, or service facilities that belong to their ownership.
Production and Business Projects
For land areas allocated to production and business projects, which include multiple sections of land with different purposes, the investor will be granted a red book for the entire land area. The red book must clearly indicate the location and dimensions of each land use, as per the regulations stated in Article 9 of the Land Law.
In the event that the investor requires separate red books for each land parcel based on specific purposes, the granting of the red book will be done in accordance with the approved detailed construction plans.
Vietnam’s Land Law 2024 ensures that property ownership is regulated and granted according to the specific needs and purposes of the land use. Whether it’s a mixed-use office building or a production project, the red book plays a crucial role in defining ownership rights and assets attached to the land. It’s important for developers and investors to understand and comply with these regulations to ensure a smooth and legally compliant property ownership process.
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