Land prices from VND 2.6 – 8.1 million/m2, excluding infrastructure
Uncovering the file of the New Urban Area Project Le Trong Tan (Park City Project), owned by Vietnam International Urban Development Joint Stock Company (VIDC), Cong Thuong Newspaper reporters have accessed documents showing that the determination of the financial obligations in this project is not in accordance with regulations and the competent agency
Hanoi
is processing it.
Specifically, the Park City Project is located on the administrative border of La Khe and Yen Nghia wards, belonging to Ha Dong district, Hanoi; formerly Yen Nghia commune and La Khe ward, belonging to Ha Dong, Hanoi province (old).
The Park City project is owned by VIDC
At the third session on May 29, 2008,
National Assembly
XII approved Resolution No. 15/2008/QH12, amending the administrative boundary of Hanoi and some related provinces, in which the entire natural area was merged with over 219,341 ha and the current population is over 2.568 million people of Ha Tay province into Hanoi.
Prior to that, on July 3, 2008, the People’s Committee of Ha Tay province (old) issued Decision No. 2011/QD-UBND, allocating 772,275.2 m2 of land to VIDC to implement the project.
Based on the Intersectoral Proposal No. 2010TT/LN-TC on July 17, 2008, including the Departments of Finance, Natural Resources and Environment, Construction, Planning and Investment, Taxation and Hanoi People’s Committee (now Ha Dong district), on July 28, 2008, the People’s Committee of Ha Tay province (old) issued Decision No. 2926/QD-UBND, approving the land use fee for the Park City Project.
Overview of the Park City project
Accordingly, the total value of land use rights with full infrastructure was over VND 1,910.5 billion. In which the area of terraced houses is 103,353m2, priced at VND 8.1 million/m2, equivalent to over VND 837.1 billion; the area of villas is 58,603m2, priced at VND 7.695 million/m2, equivalent to over VND 450.9 billion; the apartment building area is 154,341m2, priced at VND 3.6 million/m2, equivalent to over VND 540.1 billion; commercial service land area is 30.925m2, priced at VND 2.6 million/m2, equivalent to over VND 82.2 billion.
The total investment cost of this project is determined by the functional departments at that time to be over VND 1,138.9 billion, in which the cost of compensation and assistance in land clearance is calculated according to the appraisal plan of the consulting unit and the proposal of the investor. , over VND 246.3 billion.
After the offset, VIDC’s land use fee for the above area is only VND 771.6 billion. According to confirmation from the Ha Dong Tax Department in Document No. 189/CCT/KK-KTT on February 12, 2010, VIDC has paid VND 771.6 billion to the state budget.
However, it was not until December 2016 that the Hanoi Department of Natural Resources and Environment handed over the boundaries of the Park City project land to VIDC.
Re-assessing financial obligations
In a recent document, the Hanoi Department of Natural Resources and Environment mentioned 3 legal bases to determine the financial obligations for the Park City project. They are point B, clause 1, Article 4 of Decree No. 84/2007/ND-CP dated May 25, 2007 of the Government; point B, clause 1, Article 20 of Decree No. 45/2014/ND-CP dated May 15, 2014 of the Government and clause 3, Article 108 of the Land Law 2013.
“Based on the above provisions, the determination of financial obligations in July 2008 while the project has not yet cleared the site is not in compliance with regulations,” the Hanoi Department of Natural Resources and Environment determined.
Therefore, the Hanoi Department of Natural Resources and Environment proposed that the Hanoi People’s Committee allow the supplementary financial obligations (if any) to be identified by adjusting the planning; reviewing and determining land use fees at the actual land handover time in December 2016 – the time when the site was cleared and received land outside the actual area as prescribed.
With the date of redefining land prices as December 2016, the difference in money compared to land prices determined by the Ha Tay provincial People’s Committee (old) at the end of July 2008 is very large, possibly up to hundreds of billion VND. In addition to having to pay additional financial obligations, this also raises questions about the responsibility of state management agencies and related parties.
According to information from Cong Thuong newspaper, on December 28, 2023, Mr. Nguyen Anh Quan, Deputy Director of the Hanoi Department of Natural Resources and Environment, signed Decision No. 1402/QD-STNMT-KHTC, approving the plan to select contractors to hire consulting units to determine the price of land for some projects, including the Park City Project.
On the next day, December 29, 2023, Mr. Nguyen Anh Quan signed Decision No. 1415/QD-STNMT-KHTC, approving the results of selecting the unit to implement, which is Vietnam Financial Valuation and Services Joint Stock Company VVFC. The time to implement this is expected to be 3 months.
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Recently, the Hanoi Inspectorate has requested the Department of Construction and the Department of Finance of Hanoi to report, provide related documents and documents regarding the implementation of the Park City Project. This is done according to Plan No. 5737/KH-TTTTP on November 14, 2023 of the City Inspectorate, on implementing Plan No. 320/KH-UBND on October 5, 2023 of the Hanoi People’s Committee related to the implementation of the conclusions of the Central Steering Committee for Anti-Corruption. combat corruption and negatives in the results of inspecting the leadership, direction, organization of the detection, transfer, acceptance, settlement of denunciations, criminal reports, proposals to initiate cases involving signs of corruption, economics, negatives. In which, there is content reviewing the implementation of regulations on management, use of state assets and land management at the Park City Project. |
