Bottlenecks in HCMC property market eased

Procedural obstacles in Ho Chi Minh City's property market are being alleviated to support market growth, regulators said Friday.

The municipal Department of Construction is coordinating with other agencies to simplify investment procedures for housing projects, said Mai Thanh Tung, deputy head of housing development and real estate market at the department.

"When all the requirements for housing projects are met, four steps will follow but the time needed is to be cut down to 130 days from 150 days," Tung told the workshop “Creating momentum for recovery of the southern real estate market” held by The Investor.

For housing projects on public land, the procedures are still complicated, but the city administration will shorten the processing time to less than 305 days, he added.

“When finish reviewing works, we will call for investment immediately. If developers show lawful land sites, regulators will support them so that project implementation can be as fast as possible.”

HCMC last December completed its housing development plan for 2021-2025. Working groups were then established to help developers in solving legal issues and other difficulties.

Tung said his department has put a close watch on delayed commercial housing projects, taking measures to ensure the project schedule approved.

According to the Ho Chi Minh City Real Estate Association (HoREA), developers generally need lots of time to find out land and negotiate for site clearance, while legal issues and procedure works also cost time. Therefore, saving time in legal issues and procedure works is of significance.