3 NEW POLICIES IMPACT ON REAL ESTATE MARKET IN THE NEXT TIME
Shortly, the Government will apply a series of new regulations and policies in the field of land and housing. Here are 3 outstanding policies that real estate investors need to pay attention to!
Will remove the land price bracket and determine the price according to the market
Previously, on June 16, 2022, Resolution No. 18-NQ/TW “The Fifth Conference of the 13th Party Central Committee on continuing to renovate and perfect institutions and policies and improve effectiveness, effectively managing and using land, creating a driving force to turn our country into a high-income developed country” (Resolution 18-NQ/TW) clearly stated “Method of valuation and auction of land use rights is still inadequate, and not consistent with reality. The determining land price is often much lower than the market price of land.”
Therefore, in order to improve the land price determination mechanism in the coming period, Resolution 18-NQ/TW sets out a remarkable solution that is to remove the land price bracket and develop a mechanism and method for determining land prices according to the principle of land price determination market. Specifically, the Central Government will develop criteria and procedures for inspecting and supervising localities in formulating land price lists, while the provincial People’s Councils decide, inspect and supervise the implementation of land prices.
Following the spirit of Resolution No. 18-NQ/TW, the revised Draft Land Law, which is soliciting comments, has contents of great interest, such as: removing the land price bracket; have mechanisms and methods to determine land prices according to market principles. The draft is continuing to be finalized with the goal of submitting it to the National Assembly for the first time at its October 2022 session.
Expanding subjects and limits for receiving a transfer of agricultural land use rights
Next is content related to households or individuals who are using agricultural land. One of the solutions to improve mechanisms and policies on the management and use of agricultural land mentioned in Resolution No. 18-NQ/TW is the expansion of the subjects and limits for receiving the right to use the land. use agricultural land in accordance with the characteristics and conditions of each region and locality, with the change of occupations, jobs, and labor in rural areas.
This is to create favorable conditions for agricultural land users to change the purpose of producing crops and livestock and to improve the efficiency of agricultural land use as planned. From there, it can contribute to overcoming the degradation and deterioration of soil quality.
Real estate project investors must publicize project legal documents
According to the provisions of Clause 10, Article 18 of Decree 44/2022/ND-CP dated June 29, 2022, of the Government on construction, management, and use of information systems in housing and real estate market, owner Real estate project investors must provide information and data about real estate projects according to the following forms:
– Provide information and data about real estate projects and real estate products eligible for transaction
– Provide information and data in case of transfer of the whole or part of the project
– Declare and provide information and data on the real estate transaction situation of the project
The regulations on disclosure of project legal documents for the above-mentioned investors take effect from August 15, 2022 (the effective date of Decree 44/2022/ND-CP).
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