Article 57 of the 2023 Housing Law stipulates the development of multi-story, multi-unit dwellings by individuals (also known as mini-apartments) for sale, lease-purchase, or rent.
According to the law, individuals intending to construct mini-apartments (buildings with two or more floors, with separate units on each floor, or with 20 or more units in total) for sale or rent must meet the conditions to be a project investor in the construction sector.
Units that meet the conditions for granting certificates of title under land law (pink book) can be sold, leased, or rented according to the provisions of this law and the law on real estate business.
Additionally, investing in mini-apartments for rent must comply with the construction requirements issued by the Minister of Construction. The building must also meet fire protection and prevention standards as stipulated by law.
Starting August 1st, mini-apartments will be granted pink books upon meeting fire protection requirements and other regulations. Photo: Hong Khanh |
Furthermore, it must meet the conditions stipulated by the provincial People’s Committee regarding road access to ensure that fire trucks can reach the mini-apartments in case of an emergency.
From a legal perspective, the regulations on developing mini-apartments and granting certificates for this type of housing have been tightened compared to previous regulations.
Mr. Pham Duc Toan, CEO of EZ Property, assesses that the provision of granting pink books for mini-apartment units in the 2023 Housing Law will positively impact the psychology of many people living in apartments, assuring them that their assets are legally recognized.
Mr. Toan also stated that the requirement for individuals to meet the conditions of project investors in the construction sector to build mini-apartments has tightened the management of investments in this housing type, similar to the regulations for commercial apartments. Along with fire protection requirements, this will address previous inconsistencies.
However, Mr. Toan emphasized the need for strict management by relevant authorities. He cautioned that a lack of proper management could lead to a surge in mini-apartment investments, distorting the real estate market for this type of housing.
According to preliminary statistics, there are currently around 10,000 mini-apartments in Vietnam, mainly concentrated in Hanoi and Ho Chi Minh City.
Hong Khanh
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