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HCM City to adjust land coefficient for 2023

After three years of keeping the land coefficient unchanged because of Covid-19, HCM City plans to increase it to make it closer to the market price.

According to the municipal People’s Committee, as the situation has changed and market prices for land have increased, a higher coefficient is necessary. 

The local Department of Natural Resources and Environment’s rates submitted by the local People’s Committee for setting the land price framework for 2020-2024 are too low.

It was 14.31 percent for Zone 1 (District 1, D. 3, D. 4, D. 5, D. 10, D. 11, Tan Binh and Phu Nhuan), 10.86 percent for Zone 2, 9.99 percent for Zone 3 (D. 8, D. 12, D. Binh Tan), 9.5 percent for Zone 4 (D. Binh Chanh, D. Cu Chi. D. Nha Be, D. Hoc Mon), and 7 percent for Zone 5 (D. Can Gio).

Meanwhile, with the land coefficient of 2022, the land price is determined after multiplying the coefficient by 10.5 - 35.7 percent of the market price, depending on the area, purpose and form of use. 

The local government said that in 2022 and 2023, socio-economic conditions will be complicated. If raising the coefficient is equal to the one used to calculate compensation for site clearance, this will have a significant impact on production and business. 

Of the coefficient increases in 2023, land prices would be 18-50 percent of market prices.

According to the HCM City People’s Committee, the land coefficient increase in 2023 won’t affect households and individuals when changing land use purposes and recognizing  land use for land area within the limitations. 

The limitations are 160 sqm in inner districts, 200 sq m for D7, 12, Binh Tan, Thu Duc, and 300 sq m for Can Gio district and rural districts.

Raising the land coefficient reasonably will ensure fairness in determining land prices and in doing business and real estate transfer activities.

In related news, Hanoi plans to auction many land plots in the suburbs. The plots are between 104.22 and 208.65 sq m each and will be auctioned at starting prices of VND18.2-31 million/sq m.

After three years of keeping the land coefficient unchanged because of Covid-19, HCM City plans to increase it to make it closer to the market price.

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