Hanoi targets 7 million sq.m of housing this year

Illustrative photo (Source: VNA)

Hanoi – The capital city of Hanoi targets to build nearly 7 million sq.m of housing this year, in order to raise the per capita housing area to 28.2 sq.m.

The target is set in a housing development plan for 2023, which has been approved by the municipal People’s Committee.

The new housing area will include 4.5 million sq.m of floor of independent houses, over 2.33 million sq.m of commercial housing, 32,000 sq.m of social housing 94,000 sq.m of resettlement housing.

The city administration will focus on rolling out mechanisms and policies to remove difficulties in the implementation of urban projects that have been stalled for a long time while encouraging new housing projects.

It will also accelerate the approval of investment plans for building social housing or housing for workers. Investors’ responsibilities will be clarified and projects that are behind the schedule will be strictly dealt with.

Departments, agencies and People's Committees of districts will be tasked with promptly relocating households out of old apartment buildings that are deemed dangerous and devise planning relating to the renovation of old apartment buildings, namely those in Giang Vo, Trung Tu and Khuong Thuong residential areas.

According to the municipal Department of Construction, the city added 1.3 million sq.m of housing in 2022, which was equivalent to 109 per cent of the year’s target. The figure includes 985,000 sq.m of commercial housing in 16 projects and 257,000 sq.m of social housing in three projects.

From 2010-2020, the city completed approximately 50 million sq.m of residential housing. However, it is predicted that from 2021 to 2030, the capital city will need around 89 million sq.m of housing.

The housing demand for 2021-2025 is projected to be 44 million sq.m, while the demand for 2021-2030 is estimated to be around 45 million sq.m.

In line with the housing development plan for 2021 - 2025, which has been endorsed by the municipal People’s Committee, the city aims to have an average housing area of 29.5 sq.m per person.

Hanoi will spend 437 trillion VND (18.3 billion USD) to implement the plan.

The capital city will also build 550,000 sq.m of housing for the purpose of relocating residents and speed up the renovation of old apartment buildings, especially those deemed dangerous for living.

Regarding commercial projects, the city will strive to complete 109 projects with 19.4 million sq.m of floor.

Hanoi will continue to abolish makeshift houses and raise the permanent housing rate in the city to 90 per cent.

Of the total investment of 437 trillion VND, 5.8 trillion VND will be used for social housing, resettlement housing projects, and apartment upgrading. The investment will be sourced from the city’s budget.

The city will also mobilise investment from possible sources for the development of commercial houses and other real estate projects.

The municipal People’s Committee requested that agencies comply with the city's housing development plan to ensure a balance between housing supply and demand as well as to fulfill the set targets. Legal documents will be reviewed to remove difficulties relating to housing and construction investment management of infrastructure works.

Between now and 2030, the city will focus on developing satellite towns and areas that are expected to become urban districts while persifying housing types to meet the needs of people of different income levels. Priority will be given to social housing, apartment buildings and housing for workers in industrial zones.

The development of apartment buildings in the downtown area will be limited to minimise population growth and infrastructure overload, except for those aimed at renovating and rebuilding old apartment buildings and resettlement projects. Meanwhile, the development of apartment buildings in other areas will be given priority so as to use the land effectively.

Urban and residential areas will be planned and invested in line with building technical and social infrastructure.

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