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Proposal to supplement regulations on issuance of red books for condotels and officetels

Tourist apartments (condotels), tourist villas, offices combined with accommodation (officetel)… are being proposed for a long-term red book.

At the consultation session on the draft decree amending decrees detailing the implementation of the Land Law on April 20, Ms. Hoang Thi Van Anh, Director of the Legal Department, General Department of Land said that regulations on granting Certificate of ownership (red book) for resort real estate has been added.

Accordingly, Article 32a stipulates that the owners of hotels, condotels, officetels, other works serving the purpose of accommodation and tourism, etc., who are granted a red book, must fully satisfy the conditions of the Construction Law, the Law on Construction and the Law on Construction. Real estate business.

The localities will verify the legality of the project before issuing the red book. When having a red book, the owner has the right to trade and transfer the name normally like other types of residential real estate.

Condotel apartment market along Tran Phu street, Nha Trang.  Photo: Vuong Manh Cuong

Condotel apartment market along Tran Phu street, Nha Trang. Image: Vuong Manh Cuong

According to the Ministry of Natural Resources and Environment, the addition of Article 32a aims to solve inadequacies for localities, businesses and investors. In fact, there are localities that have not yet been able to issue this red book, some have done it but it is not in accordance with the provisions of the law such as determining the type of land as residential land or land without forming residential units with a long term. long. This leads to the rights and interests of investors and recipients of ownership transfer being affected.

Assessing that the proposal to issue a red book for a condotel is a necessary solution for the market, lawyer Nguyen Duc Manh of Bizlink Law Firm suggested that there should be specific regulations to determine what a condotel project is. officetel. Vietnam currently has no specific criteria.

He also said that, because these types are located in the hotel block or resort project, it is necessary to clarify the issue of shared and private ownership, as in the case of apartment buildings. “Otherwise, the operation and maintenance of the project in the future will certainly face many problems,” Manh said.

In addition, he also noted that the issuance of red books for these products in the long-term direction must have regulations to regulate issues of planning and residence management…

And Mr. Nguyen Van Dinh, an investment and real estate legal expert, proposed to add a transitional clause on the land use regime for condotel and officetel projects. According to him, many of these projects have been approved by localities for investors to implement in the form of urban/rural land or non-residential land. However, the Land Law does not have regulations on the form of residential land without forming residential units, as well as no regulations on land use regime for condotel and officetel construction projects, leading to legal risks. for investors and buyers.

Therefore, he proposed that if the land plot is suitable for land use planning, it should be converted to residential land and continue to be implemented. The investor will pay an additional land fee if any, and the buyer can use the land stably and for a long time.

In case it is not suitable with the land use planning, the purpose must be changed to commercial and service land. The investor is only responsible for paying the land fee according to the commercial and service land and the buyer is granted a red book according to Article 32a.

Previously, Savills’ assessment said that the red book condotel will be a timely stimulus package when the legality of the “hybrid real estate” type is still weak and the epidemic has not completely stopped.

General Director of Viet An Hoa Real Estate Company, Tran Khanh Quang also said that the issuance of red books for condotels, officetels, etc. will reposition the coastal real estate market. The condotel red book will give more opportunities to small and medium-sized resort real estate investors; Condotel will be better priced. In addition, the condotel red book will create psychological support for this investment market after a series of events such as the nCoV epidemic or the shock of breaking Cocobay’s negative profit commitment…

Duc Minh

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