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In a bid to provide up-to-date, accurate and transparent information to all real estate investors as well as facilitate the state management of houses and real estate sector, the Government recently issued Decree No. 117/2015/ND-CP prescribing the development, management and use of a housing and real estate market information system.

 

The housing and real estate market information system will be built uniformly nationwide__Photo: Hoang Hai/VNA


Accordingly, the system will be built uniformly nationwide and include a database on housing projects and real estate market, information technology infrastructure, and a software system to serve the housing management and operation.
The information system’s operation must comply with the criteria and regulations on application of information technology in state agencies to ensure convenience for users.

The new regulation also refers to violations in the building, management and use of the system, including providing inaccurate, inadequate and untimely information on housing and real estate market; providing falsified information or leaking housing and real estate market information and data; and illegally appropriating or distorting such information and data; using housing and real estate market information in contravention of regulations, etc.

Violators will, depending on the nature, seriousness and consequences of their violations, be subject to disciplines, administrative handling or criminal punishment.

The new regulation will take effect on June 1, 2016.

Source: http://vietnamlawmagazine.vn

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