An apartment project in District 2, HCMC. As many as 124 previously suspended projects have been permitted to resume construction. (Photo: Le Anh/Saigontimes)
Recently, the city People's Committee has assigned the Department of Natural Resources and Environment to coordinate with relevant departments and agencies to facilitate investors of 124 suspending real estate projects to resume works and implement the next procedures. Most of these projects are being suspended to serve inspection and investigation work of authorities.
Apart from these projects, there are over 30 other projects that can not be deployed because of inspections and investigations. HCMC People's Committee said it is still processing these ones and will let investors continue works when all the inspections are completed.
The municipality will continue considering projects for resumption after receiving their inspection results from the competent agencies.
Previously, the Ho Chi Minh City Real Estate Association (HoREA) submitted a written petition to the Prime Minister and Ho Chi Minh City authorities, asking for speeding up the consideration and settlement process of more than 100 suspending real estate projects in the city.
HoREA said more than 100 "frozen" projects not only make real estate firms bear increasing costs, lose business opportunities, even face the risk of bankruptcy, but also lead to a sharp decrease in supply of projects and housing products, push home price up, and reduce opportunities of accessing home ownership of low-to mid-income people. In addition, the State bugdet collection also falls.
The high number of stalled projects has resulted in sharp falls in the number of houses available to be put into service, damaging the local real estate market, HoREA added.
