According to the plan, in early March 2025, a number of districts in Hanoi will organize auctions of land use rights for hundreds of residential land plots, with areas ranging from 60 - 200 m2/plot, with starting prices adjusted higher than in 2024.
Notably, the People's Committee of Soc Son district plans to re-auction 36 land plots in Quang Tien commune due to an unsuccessful auction in November 2024 with an unusual price of up to 30 billion VND/m2 (about 12,000 times higher than the starting price), forcing the Hanoi City Police Department to issue a Decision to temporarily detain 5 subjects for the act of "Violating regulations on property auction activities", as prescribed in Clause 2, Article 218 of the 2015 Penal Code...
According to Thanh Xuan Joint Stock Auction Company, 36 plots of land in Dong Lai village, Quang Tien commune, Soc Son district were auctioned on March 8 with areas ranging from 90 - 220.6 m2; the starting price was raised 3.7 times compared to the old price (about more than 9.1 million VND/m2). Auction participants must pay a deposit of from 164 million VND to more than 400 million VND/plot of land.
According to the new regulations, the above land plots will be organized in the form of a single-round auction, with a price step of VND100,000/m2 to avoid collusion in raising or lowering prices. In 2024, the auction will be conducted in the form of a multi-round auction (minimum 6 rounds, with a price step of VND3 million/m2).
Also in early March 2025, Thanh Oai District People's Committee will organize an auction of 54 plots of land in Ngo Ba area, Thanh Than village, Thanh Cao commune. These plots of land were auctioned in August 2024, but all the winning plots with prices ranging from 80 million to more than 100 million VND/m2 (dozens of times higher than the starting price) all abandoned their "deposits"; only 13 plots of land with prices ranging from 51.6 - 55 million VND/m2 fulfilled their financial obligations.
According to regulations, the upcoming auction on March 1 of Thanh Oai district, 54 plots of land are divided into 3 groups: Group 1 has 6 plots of land, starting price of about 16.3 million VND/m2 (an increase of about 30% compared to the old starting price); Group 2 has 24 plots, starting price of 15.6 million VND/m2; Group 3 has 24 plots, price from 10.9 million VND/m2 (an increase of more than 26% compared to the old price).
A representative of the Thanh Oai District Land Fund Development Center said that the total area of 54 plots of land is 4,405.04 m2; the plots range from 60.01 m2 to 85 m2. The auction is conducted in groups of plots by direct secret ballot in one round. For each group of plots of land auctioned, bidders are given a bid slip to record their bid. The deposit is from 130 to 265 million VND per plot...
At the end of 2024, the Hanoi People's Committee issued Decision No. 71/2024/QD-UBND, dated December 20, 2024, amending and supplementing the content of Decision No. 30/2019/QD-UBND on the price list of land types in the city. Accordingly, the current land price list will continue to be effective until December 31, 2025, instead of ending in 2024 as previously prescribed. Notably, compared to the 2019 land price list, the land price list adjusted according to Decision No. 71/2024/QD-UBND has an increase of 2 to 6 times for residential land.
Deputy Director of the Hanoi Department of Natural Resources and Environment Nguyen Anh Quan said that the Hanoi land price list applied from 2020 to December 31, 2024 according to Decision No. 30/2019/QD-UBND has undergone many adjustments using the K coefficient tool. The K coefficient, or land price adjustment coefficient, is a tool prescribed in the 2013 Land Law to determine specific land prices based on common land prices on the market, local socio-economic conditions and land price lists issued by the provincial People's Committee. The K coefficient is also used to adjust land prices in districts, towns and cities in the city, helping to adjust land prices in specific cases, ensuring flexibility and suitability with the reality of socio-economic development in each period.
However, according to the 2024 Land Law, from August 1, 2024, the K coefficient has been eliminated in some cases, instead the land price list is adjusted to approach the market price. This ensures transparency and fairness in land transactions, while simplifying the land valuation process and reducing complicated administrative procedures.
According to Mr. Nguyen Anh Quan, the elimination of coefficient K is an important step in land policy reform. The land price list under Decision No. 71/2024/QD-UBND was built on the basis of coefficient K and the 2019 land price list, but has been adjusted to comply with the new requirements of the 2024 Land Law. Therefore, the increase has not been dramatic, even for roads that have been invested in upgrading or are in expensive locations. This adjustment does not cause major disruptions in the market, but also contributes to improving the effectiveness of state management of land.
Mr. Nguyen Anh Quan emphasized that the adjustment of land price list in Hanoi has many positive impacts on land management and use, especially in aspects such as land for production, non-agricultural business, site clearance and financial policy establishment.
In particular, for the auction of land use rights, the price list is the basis for calculating the starting price for the auction of land use rights when the State allocates or leases land in cases where the land plot or land area has been invested in technical infrastructure according to the detailed construction plan. Therefore, adjusting the land price list to increase closer to the market price is urgent, in order to ensure revenue from land auction activities.
In addition, the price list closer to market prices helps reduce the difference, establish a synchronous land management mechanism and ensure the harmony of interests between the State, land users and investors. More importantly, this adjustment also helps increase budget revenue through taxes, fees and financial obligations on land, creating a solid foundation for the socio-economic development of Hanoi in the coming time.
According to VNA
Source: https://doanhnghiepvn.vn/kinh-te/thang-3-ha-noi-se-dau-gia-hang-tram-thua-dat-o-voi-muc-gia-dieu-chinh-tang-cao/20250217074150632
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