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Ha Noi looks to raise $120m from auctioning land rights
Ha Noi expects to make VND2.45 trillion (US$120 million) from auctioning off nearly 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 about 22 ha of land rights for the development of 30 new projects. Another 18 ha will be auctioned off later this year for the same projects.
In addition, the city is preparing for investment, clearing land and developing infrastructure in order to facilitate the auction of 185 ha for the development of 32 additional 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 collect money from auctions for city/district budgets.
During 2011, the city plans to collect land-use fees of around VND7 trillion ($341.5 million) including VND2.45trillion ($120 million) from land right auctions.
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