New measurements have been approved for land prices in Hanoi for 2011 and some have said they are not fair.
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| Compensation prices are under question |
The local government of Hanoi approved a land price frame for the next year with the minimum of VND2.3 million (US$117.94) per square metre and a maximum of VND81 million (US$4,153).
Hanoi’s Vice Chairman-Vu Hong Khanh, said the frame is not realistic because it is much lower than the real price on the market.
The minimal price is imposed on land areas along the road No. 72 running through Duong Noi ward in Ha Dong district while the maximal is set for land areas along Hang Ngang and Hang Dao Streets in Hoan Kiem district.
Land prices in townships are an applied to the inner city including Tu Liem, Thanh Tri, Dong Anh and Hoai Duc. They range from nearly VND1.7 million (US$87) per square metre and VND26.4 million (US$1,353) per square metre while the threshold for land areas in Tu Liem, Gia Lam and Thanh Tri districts are between VND2 million (US$102.5) VND31.2 million (US$1,600).
The price frame of over VND1.5 million (US$76.92) to VND15.6 million (US$800) has been imposed on land in Son Tay Township which is rather far from the inner city.
Prices of land for businesses are begin at VND40.5 million (US$2,076) per square metre and top-off at VND525 million (US$26,923) per square metre.
Agriculture land prices have been kept the same as that of 2010, of which land for water rice, annual plant and perennial plant growing range from VND54,400 (US$2.79) per square metre and VND252,000 (US$12.92) per square metre; for aquaculture from VND36,000 (US$1.84) per square metre and VND201,000 (US$10.3) per square metre; and for preventive, specialised and production forests from VND30,000 (US$1.53) and VND60,000 (US$3.07) per square metre.
Hong noted that the land price frame has triggered people’s disagreement with compensation for project site clearance.
“Almost all people’s claims call on the municipal government to apply site clearance compensations closely or in line with the prices on the market,” he said, adding that the government allows cities and provinces to only adjust land price frames by 20%.
