Ministry of Construction: Condotels should be used in the long term like residential land
By Minh Anh
April 21, 2018 | 07:45 AM GMT+7
Minister of Construction Pham Hong Ha proposed to amend the Land Law to allow using the land for trade in tourism services in the long term with obtaining land use fees similar to residential land.
A condotel project that is being constructed
At the national online conference on solving difficulties in construction investment policies held in Hanoi on April 20th, Minister of Construction Pham Hong Ha suggested that the amended Land Law should permit land for trading and services to be used in the long term with land use fees similar to residential land.
Also, he proposed to revise the regulations on the process of selecting the investors and issuing the investment decision.
Recently, the Ministry of Natural Resources and Environment also put forward two solutions to amend some articles of the 2013 Land Law, which consider the plans of granting land use right certificates for condotel and officetel buyers.
The first solution is that projects built for the accommodation purpose will be defined as residential land. The land use duration of the project owner is 50 - 70 years as regulated.
Investors are entitled to transfer their land use rights while the project is being operated. Transferees shall be granted the land use right certificates as well as house and land-attached assets ownership certificates.
The second solution is to identify them as land for trading and services as stated in the Land Law. The land use duration of the project is 50 - 70 years as regulated. Investors are entitled to transfer their land use rights while the project is being operated. Transferees shall be granted the land use right certificates along with house and land-attached assets ownership certificates.
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