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| An apartment building under construction in Ho Chi Minh City__Photo: Hong Dat/VNA |
Owners of investment projects on renovation and reconstruction of apartment buildings would be exempted from land use levy and land rental.
This is provided in the latest draft decree on renovation and reconstruction of apartment buildings formulated by the Ministry of Construction.
For condos subject to demolition according to regulations, if condo renovation project owners build non-residential buildings on land areas of the demolished condos or rebuild the condos on such land areas but owners of apartments in the demolished condos agree to move out, the project owners would also be entitled to these incentives as long as they have arranged resettlement for apartment owners as agreed.
In order to help condo renovation and reconstruction project owners have more revenue sources to offset investment expenses, the draft decree allows project owners to sell residential and commercial areas left after arranging resettlement for eligible subjects. Accordingly, project owners would be exempt from land use levy when selling these residential areas and from land rental when settling these commercial areas.
These above-mentioned incentives would also be applied to condo renovation and reconstruction implemented under Article 64.3 of the 2023 Housing Law.- (VLLF)
