Hanoi plans to build 1.2 million m2 of social housing in the next 3 years

According to this decision, the total floor area of ​​residential buildings will be about 44 million square meters, of which approximately 1.215 million square meters will be newly developed for social housing. This includes plans to invest in 1-2 independent social housing projects and to study detailed planning for 2-3 others. At the same time, the proportion of social housing for rent must meet the minimum regulations set by the central government, and at least 10% of the floor area of ​​social housing must be available for rent-to-own units in each project.

For commercial housing, the city plans to develop approximately 19.73 million square meters of floor area. Investment in residential construction and urban areas must ensure that at least 5% of the floor area of rental housing and 5% of the floor area of rent-to-own units are included in each project.

Additionally, the city will renovate and rebuild 4 old apartment complexes that have been classified as hazardous (grade D), including Giang Vo, Thanh Cong, Ngoc Khanh, and the Ministry of Justice. Furthermore, the city will also renovate other apartment complexes and demolish those that are not feasible, as well as redevelop other apartment complexes that meet the relevant regulations.

As for individual housing, the city government plans to develop approximately 22.5 million square meters of floor area, equivalent to about 4.5 million square meters per year. Rehousing projects will also have approximately 0.6 million square meters of newly developed floor area.

“The city strives to develop housing that meets or exceeds the total floor area target set out in Decision No. 1186/QD-UBND and regularly updates and adjusts the number of projects according to actual needs,” the document states.

Regarding funding needs and projected sources for housing development, the city government plans to invest approximately 437 trillion VND in residential construction in the city from 2021 to 2025. This includes approximately 12.5 trillion VND for social housing construction and 9.5 trillion VND for rehousing projects.

In addition, the city plans to use approximately 5.8 trillion VND from the budget, including 283 billion VND for social housing development, 4.86 trillion VND for investment in 5 rehousing projects, and over 641 billion VND for detailed planning of old apartment complexes. The city will also review and propose investment plans for the renovation and rebuilding of old apartment complexes in the city.