Hanoi auctioned land for more than 6,800 billion VND in the first quarter

The above information was announced by Mr. Nguyen Xuan Dai, Director of Hanoi Department of Agriculture and Environment at the meeting of the Standing Committee of the City Party Committee, People's Council, and People's Committee on the afternoon of April 3.

He said that in the first 3 months of the year, the city achieved 34% of the target for revenue from land use rights auctions this year with VND6,860 billion. In 2024, the city also achieved more than 74% of the target, collecting nearly VND18,600 billion from land auctions, as of the end of November.

Some localities are hot spots for land auctions, recording large budget revenues. For example, in March, Thanh Oai district is expected to collect VND1,384 billion after only 3 auctions, reaching more than 80% of the city's annual budget estimate.

According to records, land auctions in suburban districts of Hanoi heated up in the last 4 months of last year. Winning prices continuously set new records for many plots of land at over 100 million VND/m2. Many groups and brokers participated and advertised for sale at hundreds of millions of VND per plot right after the auction ended.

After a cooling period due to the tightening of auction activities by the management agency, some recent sessions recorded winning prices of over 100 million VND per square meter again. At the end of March, 33 plots of land in Thanh Xuan commune, Soc Son district, were successfully auctioned, in which the highest winning lot was over 120 million VND/m2. Investors will have to pay a total of 13.1 billion VND for a 108 m2 plot of land.

Quoc Oai district also successfully auctioned 26 land lots in Hung Dao commune, with the highest winning price of 104 million VND/m2 - a sharp increase compared to the previous session.

However, this also revealed many irregularities, the most common being the situation of paying high prices and then abandoning the deposit. A typical example was the auction of 27 plots of land in Ha Dong district last year, when the payment deadline expired, up to 80% of the lots had their deposits abandoned.

The Director of the Department of Agriculture and Environment added that the total natural land area of ​​the capital (including 30 communes, wards and towns) is nearly 336,000 hectares. Of which, 23% of the land area is unused as of the end of December 2024. The city is implementing more than 1,300 projects with a scale of more than 11,600 hectares.

The issuance of certificates to buyers at 787 housing projects reached nearly 90% with 328,690 units. The total number of land plots requiring registration and initial certification is over 1.6 million plots.

The Hanoi People's Committee requested to strengthen land management, handle violations, and promote the application of artificial intelligence (AI) in handling procedures. Units need to thoroughly resolve land disputes and denunciations to avoid prolonged backlogs.