Why more than 750 villas have been canceled as eligible for sale?

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Dong NaiMore than 750 villas belonging to urban projects in Bien Hoa City have just been cancelled, even though the houses have been completed, are about to be handed over and most of the customers have bought them.

Dong Nai Department of Construction on November 11 issued a decision to cancel the recognition of 752 villas in subdivisions I and V of Aqua City project eligible for real estate business (also known as eligible to sell houses formed in the future). future). The project is located in Long Hung commune, Bien Hoa city, invested by Aqua City Co., Ltd. This is the first rare case recorded in the southern real estate market.

The reason, according to the Dong Nai Department of Construction, is that after the review, the investor has not been guaranteed financial guarantees by credit institutions. Specifically, in 2020, this enterprise was only authorized by the Public Bank of Vietnam (PVcombank) – Saigon Branch to consider granting credit and guarantee the sale of future houses with 752 villas for sale. until the project is delivered.

However, currently, the Dong Nai Department of Construction has been informed by PVcombank that since the date of being granted a credit commitment, Aqua City Co., Ltd has not provided documents for appraisal, assessment and approval for credit granting. . Therefore, the bank did not guarantee the financial obligations of Aqua City Co., Ltd. for the sale, lease-purchase of future houses of 752 villas above.

PVComBank side also confirmed with VnExpress The bank once committed to granting credit with legal conditions to the Aqua City project, but the investor did not provide enough documents. Therefore, this bank decided not to guarantee the project anymore.

According to the Law on Real Estate Business and Decree 99, one of the important requirements to be eligible to open and sell houses in the future is that the project must have a bank guarantee on the financial obligations of the investor. and have a document from the Department of Construction on the eligibility of the house to be put into business.

Actual photos of subdivisions I and V of Aqua City project in Dong Nai. Image: Aqua City Company

In a written explanation sent to the Dong Nai Department of Construction yesterday, Aqua City Co., Ltd., at the time of carrying out the procedures to be considered by the Department for a notice of eligibility to open for sale, the investor had met full legal requirements.

According to the leader of Aqua City Co., Ltd., the guarantee of financial obligations in accordance with the provisions of the Real Estate Business Law 2014 is only for the purpose of ensuring the interests of customers when the investor does not hand over the house in accordance with the law. progress. In fact, the subdivisions of the Aqua City project have been completed with a completion rate of 92-100%, in terms of traffic and technical infrastructure, the project has now completed 100% of the schedule. The company is preparing to invite customers to receive the handover according to the schedule committed in the signed sales contract.

Lawyer Dang Hoan My – Director of Dang Hoan My Law Firm, Ho Chi Minh City Bar Association, also said that the bank guarantee certificate is meaningful in case the project cannot be built or handed over, the bank will stand to compensate home buyers. Therefore, when the project entered the handover stage, the risk was somewhat limited.

Leaders of Aqua City Co., Ltd. said that up to now, 670 units have been sold, of which subdivision I includes 171 units with 100% construction completed and subdivision V has completed 535 out of 581 units, reaching the rate of 92%. Traffic infrastructure and technical infrastructure of the project has been completed 100%.

“We are committed to complying with the provisions of the law on housing, real estate business for the implementation of houses formed in the future at the project to ensure optimal benefits for customers”, business leaders said.

Talk to VnExpressMr. Ho Van Ha, Director of Dong Nai Department of Construction affirmed, in fact, Aqua City Co., Ltd. has built the project with quite good progress. However, in the absence of a bank guarantee certificate, the investor must have additional responsibilities because of the provisions of the law. And according to him, when fully supplementing the guarantee certificate, the investor can continue to deploy.

According to US Attorney, the bank’s guarantee commitment and the issuance of guarantee certificate are two completely different concepts. Only when there is a guarantee certificate will it be meaningful to protect future home buyers. In the process of implementing this step, all relevant parties including investors, banks and authorities are responsible for transparent, timely disclosure of information, full review to avoid risks to customers. client.

Mr. My said that currently, 752 apartments in the Aqua City project subdivision have houses that have been built 92-100% of progress, about to be handed over, but the bank said that they have not made a guarantee document, showing that in the process of selling houses, In the future, the investor has not fully ensured the provisions of the law. But until now, it is too late to have information that these products have been cancelled.

Sharing this issue, Mr. Ha explained, Dong Nai Department of Construction has checked and exchanged in the process of organizing and reviewing, so it is not too late to issue the cancellation of the sale eligibility document.

In terms of handling, according to the US Attorney, with the number of houses sold, the investor must quickly add a bank guarantee certificate. In contrast, the number of houses that have not been sold, Aqua investors must stop the sale to wait for additional conditions.

Mr. My also explained that, according to the provisions of Decree 139 in 2017, when opening and selling houses formed in the future without fully meeting the conditions, they may be administratively sanctioned, subject to the form of additional sanction – suspension of real estate business for up to 12 months, remedial action and compensation to buyers if there are consequences or damages.

Vu Le – Quynh Trang