Ascent Plaza project is “blocked” by law, home buyers face risks

Customers “send” investors for misappropriating capital

As VietNamNet It was reported that many customers who have deposited to buy apartments at Ascent Plaza project (address 375 – 377 No Trang Long, Ward 13, Binh Thanh District) for the past 4 years are very upset because the investor , is Tien Phat Dong Bac Company Limited (Tien Phat Company), demanding liquidation of the contract.

Customers who buy apartments at the Ascent Plaza project said they have paid a deposit to Tien Phat Company since 2018, in many cases paying up to 25% of the apartment value, equivalent to VND 600 million to billions. copper.

After 4 years of waiting, the Ascent Plaza project is still just a vacant lot, no construction moves. Customers are even more dissatisfied when the investor recently launched a liquidation plan deposit contract because it is not possible to remove difficulties in project legal procedures.

In a notice sent to customers on April 8, 2022, Tien Phat Company said that the project could not continue to be implemented as scheduled and the company did not have a solution to remove it. The best way the company can do to protect the interests of customers is to liquidate the deposit contract (!?)

With the liquidation plan, the investor of the Ascent Plaza project said that it can only refund the entire amount paid by the customer, with an interest rate of 5%/year from the time of payment to the completion of the procedure. liquidation.

About difficulties in implementation legal proceedings Ascent Plaza project, Mr. Vo Minh Hoang – General Director of Tien Phat Company said, the decision on investment policy of the project has expired and has not been extended.

Meanwhile, the company believes that the approval of the detailed construction planning of 1/500 scale of the project is likely to last for an indefinite period of time. Therefore, the company must agree with the customer on a plan to liquidate the deposit contract.

According to the customers, they pursued the project for a long time and sympathized many times when the investor repeatedly delayed the handover deadline. However, the fact that Tien Phat Company offers a plan to liquidate the deposit contract as above is not satisfactory.

“In order to get a deposit to buy a house, many people have to borrow from all over the world. The 5%/year interest rate offered by the investor is too low and unacceptable. Tien Phat Company has been misappropriating our capital for 4 years, but now it wants to liquidate.”an annoyed customer said.

Risk of project being terminated?

According to the General Director of Tien Phat Company, the company’s proposal to liquidate the deposit contract with the buyer apartment at the Ascent Plaza project because the project’s investment policy decision has expired and has not been extended.

Along with that, the time to be approved the detailed construction planning of 1/500 scale of the project has not been determined yet.

So, what risks do buyers of apartments in this project face?

According to lawyer Do Thanh Lam (Executive lawyer of Kien Viet Law Firm) – Ho Chi Minh City Bar Association, the decision on investment policy has regulations on the time limit for project implementation. If the investor prolongs the project schedule by more than 12 months compared to the time limit in the decision, the extension procedure must be carried out.

The total extension period shall not exceed 24 months compared with the time limit specified in the first-time investment policy decision, except in some cases due to the delay in land allocation or lease by the State. Change the purpose of land use…

Lawyer Lam said that in case the project’s investment policy decision has expired but the investor has not extended it or has not been approved for an extension, legal procedures cannot be carried out. next.

The investor may have the project operation terminated by the investment registration authority in the following cases: After the competent authority issues a decision to stop the project due to the investor’s failure to comply with the content approved by the investor, the investor may terminate the project operation. investment policy, investment registration certificate and has been administratively sanctioned but continues to commit violations but the investor is unable to remedy the conditions for cessation of operation;

The investment project has ceased to operate and within 12 months from the date of shutdown, the investment registration agency cannot contact the investor or the investor’s legal representative; The project falls under the case of land recovery due to the fact that the land has not or been put into use in accordance with the provisions of the law on land …

With the Ascent Plaza project, according to lawyer Lam, because the investor has not been extended to decide on the investment policy, it is difficult to determine the time to complete the next legal procedures. If falling into the cases of project termination as mentioned above, the sale of apartments cannot take place.

“At this time, the problems arising when liquidating the deposit contract will be based on the agreement between the investor and the customer. If the two parties cannot reach an agreement, the dispute can be resolved in court. Lawyer Lam analyzed.

Mr. Phuong