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Hanoi to request for construction specific mechanism for 22,000 commercial apartments

Hanoi will invest about 22,300 residential commercial apartments.

In the report submitted to the Prime Minister on September 29, Hanoi People’s Committee proposed the Government to approve the ordering mechanism for the construction of commercial houses to create a resettlement housing fund.

In particular, Hanoi requested the Government to allow to apply land acquisition and land allocation in line with the Land Law and to select qualified investors for implementing the project, not through bidding….

The land use fee is determined at the time of land allocation as stipulated but the land use fee is paid at the time when the investor sells the resettlement apartment for the household according to the decision of the People’s Committee of the city.

To allow owners to be entitled to 10% of the norm profit (excluding loan interest rates) to implement projects as social housing development norms.

The report said that in 2017 plan, Hanoi will invest about 22,300 residential commercial apartments for resettlement purpose in accordance with the ordering mechanism.

With total estimated expenditure of about 55,000 billion, this number of apartment will ensure to meet enough housing needs for resettlement housing for projects in the period of 2018 – 2020 and the following years.

According to the People’s Committee of Hanoi, if implementing as the above investment plan, the city only has to allocate capital for ground clearance to create land fund, not allocate budget for constructing works.

At the same time, enterprises can create jobs, yield income and participate in the management and operation of resettlement house, the residents enjoy quality and services under the mechanism of commercial housing.

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