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HCM City increases land prices under new regulation

Update: March, 26/2018 - 08:00
HCM City People’s Committee has increased the K coefficient used to adjust land prices. — VNS File Photo
Viet Nam News

HCM CITY — The coefficient used for land price adjustments, called the K coefficient, will increase by 0.1 in each circumstance, according to a regulation included in a decision by the HCM City People’s Committee. It has taken effect since yesterday.

The K coefficient will be 1.1 for households or individuals recognised by the State to have the right to use residential land, and the right to change the purpose of land-use from non- residential land to residential.

The K coefficient for land used for rent will be divided into two groups and five regions, based on the purpose of land use.

The first group covers use for business services, financial services, restaurants, hotels and houses for rent. The second group covers the building of industrial and sub-industrial zones, and public works for business purposes.

The K coefficient has increased by 0.1 compared with the previous regulation. The new coefficient will range from 1.1 to 2.1

Region 1 includes district 1, 3, 4, 5, 10, 11, Tân Bình and Phú Nhuận, while region 2 includes district 6, 7, Gò Vấp, Bình Thạnh and Tân Phú.

Region 3 includes district 2, 8, 9, 12, Bình Tân and Thủ Đức, while region 5 includes Bình Chánh, Củ Chi, Nhà Bè, Hóc Môn will be in region 4. Cần Giờ.

Lê Hoàng Châu, president of the HCM City Real Estate Association, said the increase would not have a big impact on individuals and households. — VNS





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