HCMC – The HCMC People’s Committee has announced the coefficients for land prices applicable to the compensation and resettlement plans in the city this year, with the highest coefficient set at 35.
The coefficient for residential land in Thu Duc City and other districts range from 3 to 15, while that for residential land in five suburban districts are from 8 to 15. The coefficient for agricultural land range from 7 to 35, meaning farmland can be compensated at a maximum level which is 35 times higher than the price announced by authorities.
The prices of residential land and agricultural land are 3-15 times and 7-35 times above those in the land price table issued by the HCMC People’s Committee, respectively.
The coefficients are used to calculate the land prices based on the conditions of the local real estate market, socio-economic conditions and land price lists.
One of the methods to determine the value of the land is to multiply the coefficient with the price in the price table.
The land price coefficient is usually issued at the beginning of year and doesn’t show the specific price of land for compensation. The land price adjustment coefficients for compensation and resettlement in 2022 are higher than in 2021.
Thu Duc City and the local districts must determine the land price of the area for site clearance to make a draft plan for compensation. After that, the draft plan will be publicized to get feedback from the residents for appropriate adjustments. The application of coefficients will help speed up the compensation and resettlement plans for projects.