Two come to terms over cooperative agreement on protecting homebuyers when handover is late.
The Novaland Group has officially signed a cooperative arrangement with VPBank to guarantee homebuyers in the developer’s projects.
The guarantee program will be implemented for homebuyers in four projects in Ho Chi Minh City, including The Sun Avenue (District 2), RiverGate and The Tresor (District 4), and Lucky Palace (District 6).
In cases where Novaland cannot handover apartments in these projects on schedule, VPBank is responsible to refunding the amount homebuyers paid to Novaland and providing other compensation for the delayed handover in accordance with the terms contained in purchase contracts.
“We were cautious in choosing a partner to sign a guarantee arrangement with as the real estate market still faces many difficulties and challenges,” said Mr. Phan Ngoc Hoa, Deputy General Director of VPBank. “Novaland’s capacity has been proven by their long history of developing projects. Their professionalism and prestige made us feel secure in signing the cooperative arrangement.”
The signing also expresses Novaland’s efforts in protecting homebuyers and in adhering to regulations for the Amended Law on Real Estate Business. Effective from July 1 this year, developers of residential projects must be guaranteed by a commercial bank when selling residential houses.