Ha Noi issues regulations on social housing ownership

The Ha Noi People’s Committee has issued regulations concerning the management and use of social housing.

The regulation was drafted in response to public concern that the housing units would be exploited by the rich, leaving the poor unable to benefit.

The new regulation, which was adopted on Monday, sets conditions for those who are allowed to purchase and rent the houses. Civil servants, military officers, servicemen working in the city and employees that receive a salary from the State budget are eligible to rent or buy social houses under the new plan.

People in these categories will be given priority to purchase social houses if they do not already have their own home or if their current houses are dilapidated or too small.

Qualified owners are required to have permanent residence certificates or a long-term temporary residence licence. They must pay for 20 per cent of the home’s total value up front.

Social houses can be resold or transferred after at least 10 years, which provides owners with enough time to pay for the property and earn a housing ownership certificate.

Individuals who declare false information to purchase these houses will be forced to return the property. Those who abuse power to sell or rent houses illegally will face heavy punishments or legal proceedings. Investors who break this rule will be banned from implementing real estate projects for two years and their licences to be involved in housing projects for low-income earners will be revoked.

"The regulation may help poor people benefit from the foundation price of the houses rather than facing much higher prices by going through intermediaries," said Nguyen Mac Chinh, a resident of Tay Son Street.

She said the social housing projects must be well-advertised so that poor people might contact the investors directly.

Deputy Director of the Municipal Department of Construction Nguyen Quoc Tuan said about 15,500 social houses reaching 1.5 million square metres would be built in Ha Noi to serve low-income people by 2015.

The first social housing project of 382 houses on Ngo Thi Nham Street, Ha Dong District, has been advertised with a sale price of VND8.8million (US$448) per square metre.

Source: Rol.vn -  Vietnam News

• Berjaya's Financial Center to get off ground next year -09/11/2010
• City’s highest building opened -09/11/2010
• Human chess in Vietnam -09/11/2010
• Rice cooking competition -09/11/2010
• Overseas Vietnamese given new property rights -09/11/2010

• Raffles City, Manama, Bahrain -09/11/2010
• Iceland’s Luminous New Harpa Concert Hall Nears Completion -09/11/2010
• Two-Level Berlin Central Station -09/11/2010
• Cybertecture Egg, Mumbai, India -09/11/2010
• Increasing division in UK real estate market predicted with some sectors seeing price falls -09/11/2010