A zone divided into small residential land lots in HCMC. Land prices will be stable in the 2020-2024 period. (Photo: Anh Quan)

At a meeting on January 15, the HCMC People’s Council approved the municipal People’s Committee’s proposal on land prices in the city over the next five years.

The highest price will be applied to land lots on Dong Khoi, Ham Nghi and Le Loi streets in District 1.

The prices of land lots along 364 streets have been adjusted.

The city has subsidized the prices of four categories of land: land in export processing zones and industrial parks; land in hi-tech parks; cemetery land; and land for educational, healthcare-related and religious activities.

The new land price framework will be used as the basis for the competent agencies to certify the land use rights of individuals and households and to calculate their land use fees and taxes and fines for land-related violations.

Nguyen Toan Thang, director of the municipal Department of Natural Resources and Environment, stated that the Government had issued Decree 96 on land prices on December 19 last year, after the year-end meeting of the HCMC People’s Council, so the city failed to issue a new price framework on January 1 this year.

The unchanged land prices will help prevent volatility on the local real estate market, Thang added.

By Le Anh/Saigontimes