In a newly released conclusion, the Government Inspectorate has recommended that the People’s Committee of Khanh Hoa Province revoke 305 land use right certificates issued to investors for the NovaBeach Cam Ranh project (legally known as My My Resort), covering a total area of over 85,000 m². The aim is to review and adjust the land use purpose in compliance with current legal regulations.
The NovaBeach Cam Ranh project, which began construction in October 2020, spans approximately 22.6 hectares and includes 26 bungalows, 182 villas, 18 commercial lots, and over 1,700 condotel units. During its implementation, several issues related to land, planning, and investment procedures have arisen.
According to the inspection findings, the selection of investors without a bidding process for a project involving land use violates the Land Law. Additionally, the allocation and leasing of land before the project was included in the 2011–2015 land use plan of Cam Lam District were deemed legally non-compliant.
Notably, despite the project’s purpose being changed from rural residential land to commercial and service land, and the application of a one-time payment for the entire lease period, authorities have not yet determined the land price as a basis for calculating the investor’s financial obligations. Furthermore, the combined construction density approved in the 1/500 detailed planning exceeds the 15% limit stipulated by regulations; subsequent adjustments have not been accompanied by a reassessment of corresponding land prices.
Based on these findings, the Government Inspectorate has directed the People’s Committee of Khanh Hoa Province to review land allocation and leasing procedures, adjust land types and usage periods, and ensure compliance with land laws.
They have also mandated the determination of land prices to calculate lease payments when transitioning from rural residential land to commercial and service land. The revocation of 305 land use right certificates (totaling 85,085 m²) is required to realign land use purposes with legal standards.
Authorities are instructed to review the project’s 1/500 detailed construction plan to ensure alignment with general and zonal planning.
Additionally, a thorough assessment of the project’s prolonged delays is required to implement appropriate measures under the law. Investors are urged to focus resources, particularly financial, to complete the project.
It is noted that Novaland, through its subsidiaries, indirectly holds a majority stake in Carava Resort LLC, the developer of My My Resort (commercially known as Novabeach Cam Ranh). Novaland, via Khanh An Real Estate Investment and Development LLC, controls 95.49% of Carava Resort’s capital following contributions and restructuring within the project-related corporate group.
In October 2020, Novaland and main contractor Viteccons commenced construction of the Novabeach Cam Ranh project.
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