Land prices surge sharply in the area where a house was just demolished

The Road Improvement and Upgrade Project connecting National Highway 32 with National Highway 70B of Phu Tho Province to Hoa Binh Province has a total investment of over 164 billion dong, despite being implemented on the territory of Thanh Son District, but the project is managed by the People's Committee of Thanh Thuy District.

In late May 2024, the family of Mr. Ngo Van Xa at Lở hamlet, Lương Nha commune - the last case still pending in the land clearance of the project - officially agreed to receive over 2.3 billion dong in compensation and land clearance house to implement the project.

According to the investigation of the reporter in the early days of August, the road of the project has created a significant impact on the real estate market in the area, the land price at Tinh Nhuệ and Lương Nha communes of Thanh Son District has changed dramatically compared to the time before the project was implemented.

As a person buying land for residential purposes, the reporter was advised by several locals to buy land near the 164 billion dong project road that is nearing completion. Locals also reminded that it would be necessary to have at least 700 to 800 million dong to be able to buy a new location on the main road, with an area of around 200m² (local residents typically own plots of land with an area of around 200m²).

Mr. Le Van Vinh - a resident of Sính hamlet, Tinh Nhuệ commune - recalled: "Before 2022, when the project had not yet been implemented, in the commune, only land near the Da River dyke had a price, within this area, because it was far from the dyke, the village road was small and located at the foot of a hill, so it was sold but no one bought it, almost no price. Occasionally, there were cases where people bought land to build houses, but it only cost a few tens of million dong to buy.

However, when the new road was built, the land price skyrocketed, now the price is over 100 million dong per meter of land on the main road. Meanwhile, many households own tens to hundreds of meters of land frontage, they sell a few plots and have enough money to build a house or do business. It can be seen that the new road has made many households suddenly wealthy."

According to Mr. Dinh Cong Huong - Chairman of the People's Committee of Lương Nha commune, the road of the Road Improvement and Upgrade Project connecting National Highway 32 with National Highway 70B of Phu Tho Province to Hoa Binh Province has created a very positive impact on the life and economy of the locality, especially real estate, the increase in land price has made many households change their lives.

According to Mr. Huong, in the areas where the road passes through, from where people could give each other, not determining the land price because it was too cheap, now it has reached 130 million dong per meter of land frontage, with a depth of 30 to 40 meters. Not only that, the demand for housing is very high, but the land for residential purposes near the road is scarce, so as long as there is a seller, there will be a buyer from the locality.

"In addition, the road has also made it easier for people to travel, produce and trade agricultural and forestry products. For example, previously, it was difficult to sell wood due to the need to transport it by small trucks, unload it at a collection point and then load it onto large trucks, the freight charges increased, causing the locals to lose out, but now with the new road, large trucks can park directly under the hill, very convenient and economical" - Mr. Huong shared.