SANTO DOMINGO.-The Cibao Association of Housing Developers and Builders (Aprocovici) yesterday expressed its support for the government including representatives of industry associations in the technical commission or working group that will address real estate scams, as a way to ensure its effectiveness.
This was declared to the newspaper El Inmobiliarioby Alejandro Fondeur, president of that entity based in the northern part of the country.
Last Monday, Vice President Raquel Peña announced the formation of a technical committee to address real estate fraud cases. The decision came after reports of breaches of contract and irregularities in housing projects, and with the aim of preventing such criminal activity.
"We understand that it is important for the authorities to take into account what has happened in order to correct it. The participation of business associations dedicated to this sector, such as Aprocovici, Acoprovi, and Cadocon, is necessary," Fondeur stated.
He also considered it a priority to confirm that the construction or development companies belong to the aforementioned business associations.
He believes a transparency mechanism should be established so that property buyers can see the status of their building permit applications.
He pointed out that the municipalities of the areas where the projects are built and the Ministry of Housing, Habitat and Buildings (Mivhed) are always involved in the process of processing applications for real estate projects, and that the code used before these bodies could serve to allow any interested party to investigate the status of these works.
Fondeur also recommended that, as is the case in developed countries, a sign with the project code, which was processed and approved by the corresponding institution, and a copy of the work start permit or construction license should be placed at the front of each real estate project.
"This gives buyers confidence that the project complies with all current regulations validated by our regulatory body and safety conditions for its proper development," the engineer explained.
The president of Aprocovici recommended establishing an additional verification method that would allow interested parties to virtually access regulatory bodies, where information is provided on whether the project is licensed or in the process of obtaining a license, and what its status would be.
He emphasized that real estate projects developed through a trust have greater guarantees that their proper execution will be fulfilled.
"They have the advantage that these function as escrow accounts, which do not allow developers to use the buyers' money until it reaches a financial equilibrium point that guarantees the correct execution of the project.".
Former Codia president Cristian Rojas and the president of the Association of Real Estate Agents and Companies (AEI), Alberto Bogaert, agreed with Fondeur, and also yesterday favored the inclusion of existing industry associations in the technical commission or table.
Rojas and Bogaert shared their opinions on the subject when interviewed by El Inmobiliario.
