Requests for Reporting on Illegal Capital Mobilization and Unusual Price Increase in Real Estate in Lạng Sơn
The Department of Construction in Lạng Sơn has recently issued a document to enhance the management of the real estate market. The document includes requests to the People’s Committees of districts and cities in Lạng Sơn.
Monitoring Unusual Real Estate Price Increases
Firstly, the announcement emphasizes the importance of monitoring and staying informed about the real estate market in the province. This includes strengthening management, supervision, inspection, and audits. The goal is to strictly handle cases of brokerage, buying and selling of real estate, and real estate projects that violate land laws and related business laws.
It is crucial to promptly report to the provincial People’s Committee and the Department of Construction the occurrence of unauthorized capital mobilization and unusual price increases in the real estate market. Such activities have a negative impact on investment and real estate business in the area.
Strengthening Public Awareness
Secondly, the Department of Construction is calling for an intensified effort in public awareness campaigns. The aim is to prevent people from engaging in real estate transactions without meeting the necessary business requirements.
Individuals and organizations involved in real estate transactions within housing and urban development projects in the province should demand that the investors provide or seek information about the properties. This information can be found on the electronic portals of various departments, including Construction, Natural Resources and Environment, Planning and Investment, and the People’s Committees of districts and cities.
Tightening Control and Inspection
Thirdly, the competent departments are required to closely coordinate with the communal-level People’s Committees to increase inspections and control the activities of independent real estate consulting offices and brokers operating within the province. This measure aims to limit violations in real estate business activities across the area.
Obligations for Real Estate Businesses
The Department of Construction in Lạng Sơn also outlines obligations for real estate investors and businesses operating within the province. These include:
- Strict compliance with laws regarding planning, land, investment, construction, housing, real estate business, and other relevant regulations.
- Full legal responsibility for any violations committed, with appropriate compensation in case of damages. Depending on the severity, violations will be subject to administrative penalties or criminal prosecution.
- Prohibition of capital mobilization without meeting the necessary requirements. Real estate transactions should only be conducted if all conditions stated in the laws on real estate business, housing, land, construction, and other related regulations are fulfilled.
- Prohibition of authorizing any party to participate in cooperative investment, joint ventures, business cooperation, or contribute capital for real estate transactions, transfers, or lease purchases.
- Completion of infrastructure facilities, including technical and social infrastructure, as planned and approved in the project’s feasibility study report, before handing them over for use.
Real estate businesses are also required to provide comprehensive information on their electronic platforms. This information should include the enterprise’s name, main office address, contact phone number, and legal representative’s name. Moreover, details about the real estate being traded and mortgaged should be made available.
These measures aim to ensure transparency and provide a reliable source of information for potential buyers in the Lạng Sơn real estate market. Violations of the law in real estate business activities will be subject to disciplinary action, administrative penalties, or criminal prosecution and compensation for any damages caused.
This article is produced by Business Today, your go-to source for the latest updates on finance and economics.