The Hanoi People's Committee has just issued a decision to amend and supplement a number of contents related to the land price list in the capital, effective immediately and applicable until the end of 2025.
Compared to the old land price list, the adjusted land price list is 2-6 times higher. Accordingly, the adjustment level increases from 190% - 270%; in which 10 streets in Hoan Kiem district including: Hang Dao, Hang Khay, Hang Ngang, Le Thai To, Ba Trieu, Dinh Tien Hoang, Hai Ba Trung, Ly Thuong Kiet, Tran Hung Dao, Nha Tho have an average adjustment level of 270% at locations 1+2 and 245% at locations 3+4. After adjustment, the land price at location 1 increased from 187.9 million VND/m2 to 695.3 million VND/m2.
The remaining streets of the 4 inner-city districts including Ba Dinh, Hoan Kiem, Dong Da and Hai Ba Trung have an average increase of 245% at positions 1+2 and 225% at positions 3+4.
The streets of 3 districts including Cau Giay, Thanh Xuan, Tay Ho have an average increase of 225% at positions 1+2 and 210% at positions 3+4.
According to the Hanoi Department of Natural Resources and Environment, the basis for building the adjusted land price list is based on the results of the investigation and survey of land prices on the market in the past two years (from August 2022 to August 2024) in 30 districts and 579 communes, wards and towns with more than 20,740 survey forms collected.
The Department of Natural Resources and Environment said that when adjusting the land price in the land price list, there will be many disagreements with the reason of increasing land taxes and fees. However, adjusting the land price list to gradually increase closer to the market price is a requirement that must be implemented in accordance with the provisions of the law.
The new price list meets practical needs, reduces the difference, and gradually brings land prices in the capital closer to the market. This helps establish a synchronous policy in land management and harmonizes the interests of the State, users and those who need to use land to implement projects. As a result, budget revenue increases through the implementation of financial obligations on land of people and businesses.
"The land price list is also the basis for calculating the starting price for auctioning land use rights when the State allocates or leases land in cases where land plots and land areas have been invested in technical infrastructure according to detailed construction planning. Adjusting the land price list is urgent to ensure revenue from land auctions. Adjusting the residential land price list does not affect the work of determining specific land prices," according to the Department of Natural Resources and Environment.
In cases where land taxes and fees are high and not suitable to people's income, the management agency believes that it is necessary to study reducing the tax and fee rates, not reducing land prices.
Also according to the Department of Natural Resources and Environment, the basic adjusted price list does not affect compensation and support for site clearance when the State reclaims land because the land price used as the basis for compensation and support for site clearance is a specific land price.
This specific land price is determined by the land valuation method according to regulations and converted into a land price adjustment coefficient to compare with the land price of the same location specified in the land price list of the City People's Committee. In addition, the adjustment of the land price list contributes positively to site clearance, investment attraction and development of the Capital.
