The Chairman of the Hanoi People’s Committee, Tran Sy Thanh, has signed Decision No. 55/2024/QD-UBND on the issuance of regulations on some contents within the authority of the city People’s Committee on determining specific land prices in the area.
The decision specifies the main factors influencing land prices and the criteria for forming these factors to analyze and determine a certain level of similarity and adjustment for each influencing factor.
 Hanoi has issued new regulations on determining specific land prices within its authority, effective from September 16. |
Specifically, the factors influencing land prices and the criteria for their formation are used to analyze and determine a certain level of similarity and adjustment for each influencing factor between the valued asset and the comparable asset for non-agricultural land, including:
In terms of location and site of the land lot: The order of priority in terms of distance to the administrative center, commercial center, educational institutions, parks, entertainment areas, markets, and medical facilities (based on the location and status of the project, land lot, or land plot). The adjustment level should not exceed 5%. The land price according to the city’s price list (based on the location of the project, land area, or land plot) should have an adjustment level not exceeding 15%.
Regarding transportation conditions: The type of road (asphalt, concrete, or other structures) adjacent to the project, land area, or land plot at the time of land valuation, with an adjustment level not exceeding 5%. The width of the road (including sidewalks) adjacent to the project, land area, or land plot, with an adjustment level not exceeding 10%. The number of road fronts (including roads and alleys) adjacent to the project, land area, or land plot, with an adjustment level not exceeding 5%.
In the case of estimating the transfer price of separate residential land: The organization determining the land price shall conduct a survey, collect, and evaluate additional criteria on the internal road cross-section (if any) adjacent to the land plot according to the approved planning. The adjustment level should not exceed 5%.
Regarding water and electricity conditions: The area with stable water and electricity supply or not, with an adjustment level not exceeding 5%. The situation of flooding during heavy rains, with an adjustment level not exceeding 5%.
Concerning the area, size, and shape of the land lot: In the case where the valued asset is multiple similar land plots in terms of location and shape, the area of the representative land plot shall be taken as the average area of the valued land plots, with an adjustment level not exceeding 10%. The frontage and depth of the land lot (average size in the case where the valued asset is multiple similar land plots in terms of location and shape), with an adjustment level not exceeding 5%.
In the case of estimating: The transfer price of apartments; rental price of high-rise apartments; rental price of commercial services and offices in mixed-use buildings shall be surveyed, collected, and evaluated based on the criteria of the apartment area and rental area (for valued assets, the average area shall be taken). The adjustment level should not exceed 10%.
Regarding factors related to construction planning: Land use coefficient and construction density, with an adjustment level not exceeding 5%. The number of floors and basements of the work, with an adjustment level not exceeding 5%.
For hotel business types: The organization determining the land price shall conduct a survey, collect, and evaluate additional criteria on the number of rooms and service standards of the hotel (classified by the number of stars), with an adjustment level not exceeding 5%.
Environmental and security conditions: Dust, noise, air and water pollution, and proximity to cemeteries and waste treatment areas, with an adjustment level not exceeding 5%. Population density and security situation in the area, with an adjustment level not exceeding 5%.
On the duration of land use: The remaining duration of the project implementation, with an adjustment level not exceeding 5%. For residential land and apartments for sale (with long-term use), no adjustment shall be made.
Regarding other factors influencing land prices that are suitable to the local reality, cultural traditions, and customs, including scenic spots, temples, pagodas, and traditional craft villages, with an adjustment level not exceeding 5%.
The factors influencing land prices for agricultural land include crop and livestock productivity, with an adjustment level not exceeding 20%; location and characteristics of the land lot, with an adjustment level not exceeding 20% for the shortest distance to production and consumption places; transportation conditions serving production and consumption in terms of road width, road grade, road surface structure, and terrain conditions, with an adjustment level not exceeding 20%; land use duration, except for agricultural land allocated by the State to households and individuals according to the land allocation limit, and agricultural land within the limit of transferred land use rights, in which case, the land use duration shall not be based on, with an adjustment level not exceeding 20%.
In addition, other factors influencing land prices that are suitable to the local reality, cultural traditions, and customs: Based on the actual situation, the consulting organization determining the land price shall propose specific criteria in the explanatory report on the construction of the land price scheme, with an adjustment level not exceeding 20%.
Ninh Phan
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