HCM City.— Illustrative image/Photo SGN

HCM CITY (Biz Hub)— Over 1,700 hectares of land in HCM City that had been locked up in delayed and scrapped projects have been returned to their owners, according to the city Department of Natural Resources and Environment.

There are some 1,340 works currently being undertaken on over 16,900ha, including 766 housing development projects on 9,072ha.

Nguyen Hoai Nam, deputy director of the department, said city authorities have taken certain decisions about delayed projects.

They include not giving extensions to projects in which developers have paid compensation for less than 50 per cent of the land they need.

For those projects where more than 50 per cent has been paid, extensions will be given until December 31 this year on the condition that the developers give an undertaking on the new schedule and completion of work. Land lease contracts will be rescinded for licensed projects in which developers have paid compensation for less than 50 per cent of the land.

According to the department, authorities have so far decided not to grant extensions to 75 projects covering 862ha, including 59 housing developments.

Extensions have been given for 50 others.

The city has revoked the land-lease certificates granted to 25 projects covering 671 hectares, including five house developing projects, while the department has asked the city authority to revoke nine other projects.

Licenses for hundreds of other projects will be revoked if their developers cannot pay compensation to landowners by the end of this year.

These decisions were reached after a review of all the delayed projects was made in the last couple of weeks, the department said. —VNS