Enterprises allowed to restart 124 suspended real estate projects

HCMC People’s Committee assigned the Department of Natural Resources and Environment to cooperate with authorized agencies to notify that 124 suspended real estate projects have been restarted by competent authorities, according to sources of Sai Gon Giai Phong Newspaper on March 31.

Most of these projects were under construction but got suspended for inspection and investigation, so their procedures are scattered in many departments. Moreover, other 30 projects have been in the same situation. The city will continue handling them right after receiving conclusions of relevant authorities.
Ho Chi Minh City Real Estate Association (HoREA) has proposed the HCMC People’s Committee and Government Inspectorate (GI) to speed up the process of investigation of more than 100 frozen property projects.
According to HoREA, the longer it takes to investigate, the more disadvantaged enterprises and investors have to face. If projects are put on hold for too long, companies may be in jeopardy by missing their opportunity and facing cost and bank interest increase. Moreover, the decrease in number of projects may lead to house supppy reduction, which affects not only buyers and the real estate market, but also the government’s budget revenue.

By Do Tra Giang – Translated by Minh Phuong

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