The Ho Chi Minh City authorities are taking steps to address challenges in land pricing, which is expected to impact 80,000 properties across hundreds of real estate projects.
According to the Department of Natural Resources and Environment, there are nearly 200 pending project dossiers awaiting specific land pricing determination. These include projects requiring initial financial obligations and those needing additional financial obligations due to changes in architectural planning indicators.
It is estimated that nearly 80,000 land plots and apartment units have not received their certificates of land use due to unresolved land pricing issues. The proposed solution focuses on identifying stalled real estate projects and suggesting solutions accordingly, without addressing projects under the 2024 Land Law.
Source: markettimes.vn
Currently, hundreds of real estate projects in Ho Chi Minh City are stalled or have their legal procedures suspended due to delays in land valuation. This has led to a situation where developers are unable to supply housing to the market, affecting their financial stability and business operations.
Meanwhile, homebuyers in these projects are frustrated as they have not received their land certificates due to unresolved land financial obligations.
The process of determining land prices for a project starts with selecting a consulting firm. While Ho Chi Minh City has nearly 100 registered enterprises with land valuation functions, fewer than 10 actually perform this work. Many project dossiers are put up for bidding, but often there are no participants.
Stringent regulations in the Bidding Law also contribute to the lengthy process of selecting land valuation firms. Furthermore, the lack of penalties for enterprises that abstain from land valuation despite having the required functions results in a significant number of dossiers going through multiple bidding processes without finding a valuer.
Over the years, the Department of Natural Resources and Environment has advised and obtained approval from the Ho Chi Minh City People’s Committee to determine specific land prices for over 500 projects, including more than 350 real estate projects.
If approved by the Ho Chi Minh City People’s Committee, the implementation of this proposal is expected to take place from its approval date until the end of 2027.
