Lumi Hanoi is a luxury apartment complex located in Tay Mo ward, Nam Tu Liem district, Hanoi. The project is developed by Anh Sao Trading and Business Development Company Limited. Although it is still under construction, thousands of apartments in Lumi Hanoi have been advertised for sale on numerous real estate brokerage websites at exorbitant prices. Some pages even claim that nearly 3,000 customers have booked apartments there in a short period.
These signs have raised public doubts about the project’s legality. Has the investor met all the legal requirements to proceed with sales? This question needs to be clarified not only for customers but also for the authorities.
Repeated Requests for Inspection
According to the Vietnam Industry and Trade Newspaper, the Hanoi Department of Construction has sent several documents to the People’s Committee of Nam Tu Liem district, requesting an inspection of the Lumi Hanoi luxury apartment project.
Specifically, on July 15, 2024, the Inspection Division of the Department of Construction sent a document to the People’s Committee of Nam Tu Liem district, notifying them about the Lumi Hanoi project, which is located in lots C3-CH01, C3-CH02, C3-CH03, C3-CX01, and C3-CX02 of the Tay Mo – Dai Mo – Vinhomes Park New Urban Area in the district.
Lumi Hanoi Project Perspective. (Photo: Lumihanoicapitaland)
Previously, the Inspection Division of the Department of Construction also sent two other documents on May 21, 2024, and March 19, 2024, requesting the People’s Committee of Nam Tu Liem district to inspect and supervise real estate business activities at this project.
In these documents, the Inspection Division of the Department of Construction emphasized: “To strengthen the management of construction order, promptly inspect the construction works and projects that are being constructed and have many reflections. We request that the People’s Committee of Nam Tu Liem district instruct the Urban Construction Order Management Team and the People’s Committee of Tay Mo ward to inspect the project and provide feedback promptly.”
“In case of any violations, a handling profile must be promptly established in accordance with regulations”, the Inspection Division of the Department of Construction requested.
Has the Lumi Hanoi Project Been Officially Launched for Sale?
Recently, social media networks have been buzzing with advertisements about booking and collecting deposits for apartments in the Lumi Hanoi project.
However, according to a report from the People’s Committee of Nam Tu Liem district dated July 29, 2024, the Lumi Hanoi luxury apartment project is still in the stage of constructing the concrete floor slab of the basement and foundation.
Moreover, according to the Hanoi Department of Construction, as of that date, the Department had not issued any documents confirming that the Lumi Hanoi project met the conditions for trading future formed houses.
In addition, the Hanoi Department of Construction has not received any documents or dossiers from the investor, Anh Sao Trading and Business Development Company Limited, requesting capital mobilization as prescribed. The Hanoi Department of Construction has also not issued any documents confirming that the Lumi Hanoi project meets the conditions for capital mobilization under the Government’s Decree 99/2015/ND-CP dated October 20, 2015.
This means that, legally, Lumi Hanoi does not yet meet the conditions for mobilizing the sale of future formed houses.
According to real estate legal experts, booking apartments in projects that do not meet the conditions for sale as prescribed by law entails many risks for buyers. These risks may include losing the deposit if the project cannot be completed on schedule or if it is delayed due to unresolved legal issues. In a worse-case scenario, customers may even lose their entire investment if the project is not implemented or revoked.
The experts also emphasized that people and customers need to be cautious and thoroughly research the project’s legal status before making a decision. Especially in the context of many real estate projects using aggressive advertising strategies to attract early deposits from customers, a lack of knowledge can put buyers in a “chasing their losses” situation, losing both money and the opportunity to own the desired apartment.
The Lumi Hanoi project is located right next to Thang Long Boulevard in Tay Mo ward, Nam Tu Liem district. The investor promotes it as a luxury apartment project with a total development value of approximately 18 trillion VND.
With a total planned land area of 5.6 hectares, the project includes nine towers ranging from 29 to 35 stories, supplying the market with 3,950 apartments ranging from 42 sq m to 135 sq m. The duplex and penthouse apartments range from 115 sq m to 410 sq m.
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Strengthening Inspection and Supervision of Project Implementation On March 19, 2024, the Hanoi Department of Construction sent a document to the People’s Committee of Nam Tu Liem district regarding real estate business activities at the Lumi Hanoi project. According to the Department of Construction, through monitoring information in the press and on some social networks, they received information related to booking deposits for purchasing houses and the construction implementation at the Lumi Hanoi project. To prevent the posting and advertising of inaccurate information by individuals and organizations and to advise people with housing needs to carefully study the project and relevant legal regulations, the Inspection Division of the Department of Construction requested the People’s Committee of Nam Tu Liem district to direct the departments, units, and the People’s Committee of Tay Mo ward to strengthen the inspection and supervision of the project implementation. If any violations are detected, they must strictly handle them according to their competence and legal provisions. At the same time, they should promote the widespread dissemination of information about the project and the legal provisions on housing and civil law so that people can understand and prevent individuals from taking advantage of the situation to provide misleading information for profit, violating the law. |
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