Society

Land price survey to form reference

The Hanoi People's Committee has ordered the city's Department of Natural Resources and Environment to conduct a survey of land prices in the city based on real estate transactions this year.
The Hanoi People's Committee has ordered the city's Department ofNatural Resources and Environment to conduct a survey of land prices inthe city based on real estate transactions this year.

Thesurvey will trace land prices in 577 communes, wards and towns in thecity and will be conducted between August 16 and September 15, thePeople's Committee announced.

The survey results will beused as a reference for the official 2011 land price structure andshould make official prices more reflective of and responsive to themarket prices, the committee said.

The department wasforming a working group, comfirmed department head Vu Van Hau. Theworking group would evaluate the survey results and draft a new landprice framework by around mid-November for consideration by the People'sCommittee, Hau said.

The current price structure, ineffect since last January 1, reflected increases in land value during2009 of 21-40 percent, yet official prices still lagged behind marketvalues./.
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