Hanoi stipulates compensation for renovation of apartment buildings
Owners of apartments to be renovated will be compensated with a property twice the size of their current home.
The owner of a dilapidated apartment will be able to receive compensation in the form of property twice the size of his/her current home if the block is rebuilt with non-state funds, says a draft decree by the Hanoi People's Committee.
|An old apartment building in Kim Lien Ward of Dong Da District. Photo: The Hanoi Times
According to the draft decree that aims to regulate the reconstruction of old apartment blocks in Hanoi, if the owner is compensated with an apartment whose area is more than double that of his/her original home, he/she must buy the excess area.
If the apartment owner refuses to pay for the excess area, he/she will receive cash compensation and seek resettlement elsewhere.
On the other hand, if the new dwelling is smaller than the old one, the developer must pay the owner the difference in size.
In case the rebuilding of the apartment block is financed with State funds, the homeowner will receive a new place of similar size. If the new place is bigger, they must pay for the excess area.
The Government only finances the reconstruction of an old apartment block if the block is owned by the State or is subject to compulsory dismantling due to fire, disaster, near expiration, or in case capable developers cannot be found.
The draft decree also regulates that the minimum size of a new apartment should be 25m2 and that the number of 25-45m2 apartments in a block should represent a maximum of 25% of the total.
The Hanoi People's Committee is seeking feedback from the public on the draft decree starting December 15.
Hanoi currently has about 1,580 old buildings and apartment blocks, including more than 300 built between 1960 and 1994 and before 1954.
The city began reconstruction of the old apartment buildings in 2005, but work has been stalled due to unresolved conflicts of interest between the state, developers, and homeowners.
According to the city’s plan for the 2021-2025 period, Hanoi will renovate and rebuild ten old apartment buildings, including six condos in the wards of Kim Lien, Trung Tu, Khuong Thuong, Thanh Xuan Bac, Thanh Xuan Nam, and Nghia Tan), and other four dangerous ones in Giang Vo, Thanh Cong, Ngoc Khanh wards and the Ministry of Justice headquarters.
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