Hanoi Department of Construction strengthens inspection of real estate trading floors

The Hanoi Department of Construction has just issued a document requesting the inspection and review of real estate trading floors in the area. This move aims to ensure compliance with the provisions of the Law on Real Estate Business, while enhancing transparency and efficiency of market management.

According to Article 60 of the Law on Real Estate Business, the provincial-level state management agency for real estate business has the right and responsibility to manage, supervise, and periodically or suddenly inspect the operations of real estate trading floors. This agency also has the authority to grant, re-grant, and revoke operating licenses, and decide to temporarily suspend or terminate the operations of trading floors.

Clause 10, Article 83 of this Law stipulates that real estate trading floors operating before the Law takes effect that do not meet the conditions must supplement them within 6 months from the date the Law takes effect.

Regarding the operating conditions of real estate trading floors, according to Article 55, the manager and operator of a real estate trading floor must have the right to manage an enterprise in Vietnam according to the provisions of the Enterprise Law; complete a training course on real estate trading floor management and operation and be granted a certificate by a training institution.

According to Article 54, real estate trading floors must be established and registered for operation. The floor must issue and publicize transaction procedures; register a fixed location of operation, and have physical and technical facilities to ensure the floor's operations.

Based on the above legal grounds, the Hanoi Department of Construction requests the People's Committees of districts, towns and cities to direct functional departments and offices to inspect and review real estate trading floors in the area; compile a list and report to the City People's Committee (through the Department of Construction); and at the same time classify floors that are qualified and unqualified to operate.

Real estate businesses and real estate trading floors must complete their capacity profiles, compile information, and report to the Department of Construction before December 31.