MOC's Inspectorate imposes fines for maintenance fee violations for condo developers

May 06, 2023

The Inspectorate has also required investors to perform several tasks, including organising the first apartment building conference and handing over apartment building documents to the Management Board. The Inspectorate has also compelled six investors to finalise and hand over maintenance funds to the Management Board, totaling VNĐ513.8 billion. There were several violations related to maintenance fees in three different apartment projects in Hải Phòng City and Bà Rịa - Vũng Tàu Province, including failure in disclosing financial information about maintenance fees in purchase and sale contracts with customers and late in paying maintenance fees. In recent times, there have been numerous disputes and lawsuits in condominiums, including those related to management and use of maintenance funds. Complaints regarding maintenance fees accounted for approximately 36 per cent of all disputes, ranking second in total number of disputes in condominiums.

The source of this news is from Vietnam News