Real estate business fined 500 million VND for exceeding regulations

The project developer of I-Tower Quy Nhon in Binh Dinh province has been fined 500 million VND for overcharging the buyers and lessees of future real estate properties beyond the contract percentage.

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On February 23, the People’s Committee of Binh Dinh province announced that it had issued an administrative penalty decision against Do Thanh Real Estate Investment Joint Stock Company (headquartered in Quy Nhon City, Binh Dinh province). The penalty amount is VND 500 million.

I-Tower Quy Nhon project developer fined VND 500 million

The reason is that Do Thanh Real Estate Investment Joint Stock Company, as the developer of the I-Tower Quy Nhon Commercial and Service Center and Apartment project (located in Quy Nhon City), violated the regulations by collecting money from buyers and tenants of future-formed real estate exceeding the percentage of the contract value.

Specifically, the company collected the first payment (including 16 contracts), which exceeded 30% of the contract value of 1 contract, and collected a payment exceeding 70% of the contract value without handing over the house or construction work to customers.

It is known that the I-Tower Quy Nhon Commercial and Service Center and Apartment project has a total area of ​​10,748 m2, including a construction area of ​​5,303.5 m2 (49.36%). It consists of 2 basement floors, Block A with 36 floors, Block B with 41 floors… The total investment capital for this project is about VND 1,991 billion.

SOURCEcafef
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