Ho Chi Minh City Real Estate Association (HoREA) has just issued a document stating the current situation of confusion in the names of high-end apartments, luxury apartments and super-luxury apartments in the housing market today.
In addition to high-end, luxury and super-luxury standards, there are beautiful names in foreign languages such as luxury, hi-end, premier, and royal apartments.
Ho Chi Minh City Real Estate Association confirms that in fact very few real estate projects meet high-end, luxury, super-luxury standards or model urban area standards, ensuring quality and class in planning.
HoREA analyzed that the phenomenon of disorderly labeling of high-end, luxury and super-luxury apartments is an act of providing false information that violates the 2014 Housing Law. Specifically, Clause 13, Article 6 prohibits the provision of information.
This behavior also violated the Real Estate Business Law 2014 because it did not disclose or did not disclose complete and truthful information about real estate and showed signs of fraud and deception in real estate business.
Real estate on golden land in Ho Chi Minh City.
In the past 10 years, the Ministry of Construction has issued two circulars on apartment building classification in 2008 and 2016, but there is no consensus between the two.
However, these circulars of the Ministry of Construction only classify apartments after construction has been completed or the apartments have been sold to customers.
The time of opening for sale of apartments formed in the future under the label of high-end apartments, luxury apartments, super luxury apartments, is the period when home buyers are easily deceived and easily buy the wrong product.
On the other hand, the criteria for Grade A apartment buildings (the highest standard as prescribed by the Ministry of Construction) also do not meet the current requirements for classifying luxury and super luxury apartments.
Specifically, HoREA proposed that the Ministry of Construction supplement guidelines stipulating criteria for high-end, luxury and super-luxury apartments, including equivalent foreign terms, for apartments built or formed in
At the same time, the Association also proposed adding regulations that investors of future apartment projects can only advertise, market, and mobilize capital under the title of high-end, luxury apartment projects.