The Hanoi Department of Natural Resources and Environment has reported that inspections and evaluations confirm that the land auction processes and procedures in various localities are in strict compliance with directives and guidelines issued by authorities, aligning closely with the principles of the Land Law and associated circulars.
The Hanoi People's Committee has indicated that from the start of 2024 to the present, the total revenue generated from auctions in the city's localities has surpassed VND11 trillion (US$435 million). The number was VND9.2 trillion throughout the entire year of 2023.
Among the districts in Hanoi, Long Bien District has achieved 194.74 percent of its 2024 target, amounting to over VND5.24 trillion while Me Linh District has reached 244 percent of its target with VND1.32 trillion and Phu Xuyen District has collected over VND331 billion, achieving 115.4 percent of its target.
In the upcoming time, several suburban districts of Hanoi will continue to hold land auctions. Thanh Oai District will auction 25 land plots in Van Quan Village in Do Dong Commune with areas ranging from 83 to 157 square meters and starting prices of VND5.3 million per square meter on November 6.
Following that, Hoai Duc District will auction 32 land plots under the Technical Infrastructure Land Use Rights Auction Project in Tien Yen Commune on November 11. These plots range from 97 to 172 square meters with starting prices of VND7.3 million per square meter.
The Vietnam Real Estate Association forecasts that land auctions in Hanoi will continue to be highly contested, with numerous price records anticipated as a result of a substantial supply-demand disparity, a robust real estate market, speculative activity, and expectations of sustained price growth.
Concurrently, a representative from the Hanoi Department of Natural Resources and Environment stated that inspections and evaluations have confirmed that the procedures for land auctions in various localities are in strict compliance with the directives and guidance issued by relevant authorities, aligning closely with the principles of the Land Law and associated regulatory decrees.
Referring to the phenomenon of land prices being pushed up excessively and some winning bidders forfeiting their deposits, a representative of the Hanoi Department of Natural Resources and Environment said that this situation only occurs in a few specific land plots, not reflecting the overall picture of the land auction market.
To curb intentionally bidding at abnormally high prices compared to the general level of the area and then forfeiting the deposit, causing market disruption, budget loss, and difficulties for the auction organizing unit, the Department of Natural Resources and Environment is currently cooperating with districts to review and adjust the land price list to suit the market price; requiring localities to more closely monitor auctions to prevent price inflation, collusion in auctions, and forfeiting deposits.
