As reported by the Land Fund Development Center of Thanh Oai district, the auction of 68 land plots in Ngo Ba, Thanh Than village, Thanh Cao commune attracted approximately 4,600 applications from 1,545 participants. The auction, which took place on August 10th, saw intense competition for the land, with the highest bid for a corner lot exceeding 100 million VND per square meter, a staggering 7-8 times the starting price. Regular plots also saw significant increases, with winning bids ranging from 63 to 80 million VND per square meter, 5-6 times the reserve price.
According to regulations, successful bidders are required to fulfill their financial obligations in two installments within 30 days. The final payment for this auction was due on September 14, 2024.
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Speaking to the press, the Land Fund Development Center of Thanh Oai district revealed that as of September 16, only 13 land plots with winning bids ranging from 51.6 million to over 55 million VND per square meter had been fully paid for. Meanwhile, 55 plots with higher winning bids, including the plot that fetched the highest price of 100.5 million VND per square meter, had not been paid for within the specified timeframe. As a result, these 55 plots are considered to have forfeited their deposits.
With only 13 plots fully paid for, the total revenue generated from the auction stands at over 80 billion VND, equivalent to 20% of the expected amount at the auction’s conclusion. Per regulations, the district will need 120 days to annul the auction results after the deposit forfeiture deadline, and there are currently no concrete plans for a re-auction of the 55 plots.
Following the widespread forfeiture of deposits in this auction, the People’s Committee of Thanh Oai district is proceeding with another land-use rights auction for 58 land plots in Man Ca, Man Cong, and Ma Man areas of Van Quan village, Do Dong commune. The total area of these plots is approximately 5,927 square meters, ranging from 76.5 to 189.73 square meters each.
The auction will be conducted for each land plot through a direct secret ballot in one round, with an ascending bid method. The minimum bid increment is set at 100,000 VND per square meter.
The period for issuing, selling, and receiving applications for the auction will be from September 18 to October 2, 2024. The auction is scheduled to take place at 8:30 AM on October 5, 2024, at the Thanh Oai District Sports House.
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Optimizing Real Estate Transactions: Curbing Inflated Prices and Market Disruptions
The Ministry of Construction has urged local authorities to implement stringent measures to regulate the construction of residential buildings within land-use business projects that already possess technical infrastructure in the form of subdivided lots. The aim is to curb speculative behavior, such as land hoarding, rapid reselling, and price manipulation, which can distort the real estate market and create misinformation.
