Following recent approval by the Da Nang Department of Construction, 70 future-to-be-developed villas in Hoa Quy - Dong No riverside urban area project will be permitted to go on sale.

Invested by the TERRA JSC, the villas eligible for sale will be developed in areas B3-11 and B3-12 of the Hoa Quy-Dong No riverside urban area project located in Hoa Quy Ward, Ngu Hanh Son District.

The municipal Department of Construction requires the TERRA JSC to be responsible for the accuracy of real estate information, register the model contract as a basis for signing the contract for purchase and sale of future houses in accordance with the provisions of law.

According special notes released by the municipal Department of Construction, the project’s developer, before selling unfinished properties, must obtain guarantees from eligible commercial banks as assurances of their financial obligations to buyers.

If property developers fail to hand over housing to buyers, despite commitments, banks will be responsible for returning a buyer's money, in line with signed contracts. In addition, this will help improve the sense of responsibility of investors.

The project’s developer also needs to implement the project in accordance with the law on investment, land, housing, construction, environmental protection, and at the same time, mobilize capital and conduct real estate business in accordance with the law on housing and real estate business.

Reporting by TRIEU TUNG – Translating by A.THU