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Ho Chi Minh City
Tuesday, July 23, 2024

HCMC proposes coefficient K be used to set land prices

The Saigon Times

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HCMC – The HCMC People’s Committee has written to the Government proposing using coefficient K to determine land prices for many property projects in the city.

It is difficult to collect and check information on the actual prices of property transactions in the city due to vagueness in those transactions under the Appraisal Law, the HCMC People’s Committee explained.

Currently, the specific land price for a project depends heavily on construction density, land use coefficient, floor area ratio, land use purpose and others. As a result, land prices could vary when these factors change.

HCMC found that applying coefficient K in determining the land price, collecting land use fees, and land rental can help simplify administrative procedures and ensure transparency in transactions and fairness among investors in land use.

Additionally, it will help investors actively develop their investment business plans and improve land use efficiency.

Therefore, the local authority sought approval from the Prime Minister to apply coefficient K in calculating land use fees and land rents for all land plots, regardless of the price above or below VND30 billion, instead of hiring a consultant to determine a specific land price.

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