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Monday, July 22, 2024

HCMC hikes coefficients for land prices

The Saigon Times

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HCMC – The HCMC government has raised the coefficients for land prices applicable to the compensation and resettlement plans in the city this year, with effect from this Saturday, March 18.

The highest coefficient is set at 25 for residential land and 38 for agricultural land.

The coefficients for residential land in Thu Duc City and Hoc Mon District increased by 10 notches over 2022 to 6-25 and 10-25, respectively.

The coefficients for housing land in the suburban districts of Binh Chanh, Nha Be and Cu Chi now stand at 6-22, 10-21 and 13-20, respectively. Other districts have their coefficients below 20.

Meanwhile, Binh Chanh District has the highest agricultural land price coefficient in 2023, at 15-38. This means farmland in the district can be compensated at a maximum level of 38 times higher than the price announced by the authorities.

Districts 1, 3, 4, 5, 6, 10, 11, and Tan Phu, Tan Binh and Go Vap districts have the coefficients for agricultural land at 35. Other districts have coefficients below 30.

Non-agricultural land and non-residential land would be compensated pro rata. The price of commercial and service land for compensation is set at as much as 80% of the price of nearby residential land, while the figures drop to 60% for other land types.

The coefficients are used to calculate the land prices based on the local real estate market conditions, socio-economic conditions and land price lists and to facilitate resettlement work.

The 2023 coefficients were revised higher and five months earlier than 2022.

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