By Lê Triều
The draft amended Law on Real Estate Business is attracting considerable feedback regarding regulations on the timeline for developers to collect customer deposits. This provision is evaluated as having a direct impact on the capital mobilization activities of enterprises as well as the rights and interests of homebuyers.
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During the draft consultation process, several proposals suggested allowing developers to collect deposits at a capped percentage upon completing certain initial legal procedures, rather than waiting until the project is fully eligible for sales under current regulations.
Proponents argue that this mechanism could help developers improve cash flow during the pre-development phase, while also allowing them to gauge market demand and formulate appropriate execution plans.
For buyers, early deposits are seen as a way to secure a booking or lock in an estimated price prior to the official sales launch.
Conversely, numerous experts argue that expanding the timeline for deposit collection requires careful consideration to mitigate potential risks.
According to these experts, if deposit transactions occur before a project attains full legal compliance, buyers may face risks of project delays or alterations to development plans.
Furthermore, concerns have been raised that collecting funds too early could spur speculative practices such as booking, depositing, or transferring purchasing rights prior to the official launch, thereby undermining market transparency.
Several analysts note that allowing deposit collection during the initial project phases could trigger speculative sentiment regarding capital appreciation or a rush to secure early purchasing slots.
Without stringent oversight, this could facilitate speculation or the trading of purchasing rights before a project is legally permitted for sale, subsequently hindering access to housing for buyers with genuine housing demand.
However, these assessments remain speculative and would ultimately depend on the regulatory frameworks and specific provisions implemented if such a policy were enacted.
While reviewing the feedback, the drafting committee stated that permitting deposit collection before a project fully meets legal requirements could introduce risks related to capital mobilization, which misaligns with the goal of enhancing market transparency.
As a result, the current draft maintains the provision that developers may only collect deposits once a project satisfies the conditions stipulated by the law on real estate business.
Currently, the draft amended Law on Real Estate Business is still gathering feedback from ministries, sectors, industry associations, enterprises, and experts before the finalized dossier is submitted to competent authorities for review.
The final regulations will be determined following the completion of the consultation, appraisal, and review processes in accordance with legislative procedures.
Note: The content above synthesizes proposals and feedback from the policy-making process. These are not official regulations and may be subject to adjustments during the finalization of the draft law.
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