Giang Dien Service Residential Area Project (Area A): Hundreds of customers are waiting for their red books

Having paid 95-98% of the land purchase price, however, over the past 10 years, hundreds of customers at the Giang Dien Service Residential Area project (area A, in Giang Dien commune, Trang Bom district) still have to wait wearily because they have not received the land use right certificate (red book) from the investor.

Hundreds of customers who bought land at Giang Dien Service Residential Area project (area A) are waiting wearily for the investor to deliver the red book. Photo: P.Tung

Giang Dien Service Residential Area Project (Area A) is invested by LDG Investment Joint Stock Company (LDG Company).

* Investor mortgaged 894 red books

Giang Dien Service Residential Area Project (Area A) was granted investment approval in 2016 with a scale of more than 94 hectares. Up to now, with phase 1 of the project (about 41 hectares), the investor has basically implemented construction, completed technical infrastructure items; at the same time completed construction of 1 social infrastructure item which is the commercial center (currently being accepted for use). Meanwhile, with phase 2 (more than 46 hectares), technical infrastructure items have not been completed.

During the project implementation, the investor signed a number of real estate transaction contracts with the people but did not properly fulfill the commitment to transfer land use rights. This has caused much frustration for customers who bought land in the project.

Mr. Le Truong Son, representative of customers buying land at Giang Dien Service Residential Area project (area A) said that hundreds of people have bought land at the project, most of them have paid the investor 95-98% of the land price but have not yet received the red book. "They bought land for more than 10 years but have not received the red book, cannot build a house. Many people, because they have waited too long but have not been able to build a house, have had to return to their hometowns" - Mr. Son said indignantly.

Meanwhile, after a long wait, Mr. Dang Xuan Quynh, a customer who bought land at the project, said that customers spent money to buy land but the waiting time to receive the red book was too long, so it was very tiring. The wish of most customers now is that the investor quickly complete the procedures to hand over the red book to the people.

According to Mr. Tran The Vinh, Deputy Director of the Department of Natural Resources and Environment, during the project implementation, LDG Company submitted a request for red books and the Department of Natural Resources and Environment signed and issued 1,658 red books for the above land plots.

On the investor side, a representative of LDG Company said that out of 1,658 red books that have been issued, this company has mortgaged 894 red books at credit institutions. By June 2023, the company had released the mortgage on 298 red books, the remaining 596 books are still mortgaged.

* Release the mortgage of red books as soon as possible

Recently, at the meeting to receive citizens of the Giang Dien Service Residential Area project (Area A) of the Provincial People's Committee, Mr. Nguyen Khanh Hung, Chairman of the Board of Directors of LDG Company, sent his apologies to customers and state agencies. Mr. Hung said that the project has been implemented for a long time, the company's wish is to complete and hand over land and red books to customers.

According to the Department of Planning and Investment, the Giang Dien Service Residential Area project has now expired. Therefore, to extend the project implementation period, the Department of Planning and Investment will review the investment capacity of the investor, LDG Company. At the same time, the investor must carry out the procedure of depositing a guarantee to ensure the project implementation as a basis for considering extending the project implementation period.

Mr. Hung committed to take all red books currently mortgaged at the bank and hand them over to customers in 2023; at the same time, he committed to completing the project investment on schedule when extended.

Also at this meeting with citizens, Vice Chairman of the Provincial People's Committee Vo Van Phi requested LDG Company to properly implement the contents committed to customers. "With red books mortgaged to banks, the company needs to release the mortgage as soon as possible" - Vice Chairman of the Provincial People's Committee Vo Van Phi emphasized and requested the Department of Planning and Investment to monitor and urge the investor to carry out deposit procedures, assess the financial capacity of the investor, review the total investment structure of the project in accordance with regulations to serve as a basis for extending the project implementation. After the investor completes the procedures, the Department of Planning and Investment will process the project extension.

The Department of Natural Resources and Environment shall inspect and review all documents and legal procedures on land related to the project; monitor mortgage registration documents and release of red books of investors in accordance with legal regulations.

The Department of Construction continues to inspect and urge LDG Company to promptly complete investment in service works and technical infrastructure that have been granted construction permits; receive project completion reports sent to the Department for inspection, processing, and acceptance.

Pham Tung

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