Hanoi verifies group of individuals “inflating” land prices through auctions
Hoai Duc district’s land auction results: How will it affect Hanoi’s real estate market?
Auction for land in Hoai Duc district concluded in the early morning, with a plot reaching over 133 million VND/m2, 18 times the starting price
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The land lots put up for auction in Hanoi’s Hoai Duc district recently have caused a stir among the public.
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The dispatch was sent to the Ministers of Natural Resources and Environment, Construction, Finance, Justice, and Public Security; and the Chairpersons of the People’s Committees of provinces and centrally-run cities, stating the following:
Recently, the Government and the Prime Minister have directed and issued documents detailing the implementation of the 2024 Land Law, which took effect on August 1, 2024. These documents include regulations on land use rights auctions. While some localities have successfully organized land use rights auctions, contributing to local budget revenues, there have been cases where auction prices were abnormally high compared to the starting price, attracting significant public attention and potentially impacting socio-economic development, investment and business environment, and the housing and real estate market.
To enhance the effectiveness of land management and promote a healthy real estate market, thereby fostering socio-economic development, the Prime Minister requests the following:
The Chairpersons of the People’s Committees of provinces and centrally-run cities shall direct relevant agencies and units to review and ensure that land use rights auctions within their respective jurisdictions are conducted in accordance with the law, with transparency and publicity. Any violations or attempts to take advantage of land use rights auctions to seek profits and disrupt the market shall be promptly detected and strictly handled.
The Minister of Natural Resources and Environment shall coordinate with the Ministers of Justice, Finance, and Construction and the Chairpersons of the People’s Committees of provinces and centrally-run cities to urgently inspect and handle cases of abnormal land use rights auction results. They shall also propose amendments to address any legal gaps and report to the Prime Minister before August 30, 2024, ensuring that such incidents do not recur and proposing measures to deal with acts of market disruption.
The Minister of Construction shall collaborate with the Ministry of Natural Resources and Environment and the People’s Committees of provinces and centrally-run cities to assess the specific impacts of recent land use rights auction results, especially those with abnormally high prices, on land and housing prices, as well as the real estate market. They shall take proactive measures within their authority to address or propose solutions to limit any negative consequences.
Relevant agencies and units shall enhance their grasp of the situation and promptly detect, prevent, and strictly handle any violations related to land use rights auctions, particularly collusion and market manipulation to inflate prices and create an unhealthy market.
The Ministers of Natural Resources and Environment, Construction, and Finance shall promptly provide guidance and training to localities on the new policies of the Land Law, Housing Law, and Law on Real Estate Business, as well as the tasks directed by the Prime Minister in Official Dispatch No. 79/CD-TTg dated August 13, 2024.
Deputy Prime Minister Tran Hong Ha shall directly oversee the implementation of this dispatch.
The Government Office shall regularly monitor the situation and promptly report to the Prime Minister and the Deputy Prime Minister on any urgent or unexpected issues.
Nhat Quang
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