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Hanoi approves land right auction for 62 new projects

Ha Noi expects to make 2.450 trillion VND (US$120 million ) from auctioning off 373 ha of land rights for the development of 62 new projects during the course of this year.

Yesterday the municipal People’s Committee approved its land right auction plan for 2011 which will serve as a major source of income for developing new projects throughout the city, said Ha Noi People’s Committee Vice Chairman, Vu Hong Khanh.

During 2010, the city auctioned off 21.75 ha of land rights for the development of 30 new projects. Another 17.96 ha will be auctioned off later this year as part of last year’s incentive.

In addition, the city is preparing for investment, clearing land and developing infrastructure in order to facilitate the auction off 184.64 ha for the development of 32 additional new projects.

Khanh urged all relevant authorities to waste no effort in administrative reform in order to facilitate successful auctions. He also asked local authorities to award land right certificates and construction licences quickly upon completion of auctions.

The heads of District People’s Committees will be responsible for organising auctions, report results and collate money from auctions for city/district budgets

During the 2011 the city plans to collect land-use fees of around 7 trillion VND ($341.5 million) including 2.45 trillion VND ($120 million) from land right auctions.

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