HoREA proposes AI application, Chat GPT to support the construction of land price list

The Ho Chi Minh City Real Estate Association (HoREA) has just sent a document to the Prime Minister and the Ministry of Natural Resources and Environment, proposing not to issue an annual land price list but to issue a periodic land price list every 3 years (or 2 years) and requesting permission to apply the land price adjustment coefficient to calculate land use fees and land rent paid in one go for the entire rental period.

HoREA believes that the current procedures for building a periodic land price list every five years include many detailed and complicated steps and tasks that take a lot of time.

Therefore, if the regulation is to build an annual land price list, there must be a national database on land prices applying artificial intelligence (AI) and Chat GPT updated in real time, connected to the population database according to Project 06, synchronized and unified with the national large database.

When AI and Chat GPT are built, these two applications will replace humans in performing a huge amount of surveying, comparing, and cross-checking data in just a moment, and the State can immediately know the average land price index in any area determined by the average of actual transaction prices of land with the same purpose of use transferred on the market through statistics in an area and within a certain period of time.

Thus, the State can completely control real estate and land prices 24/7 to build policy mechanisms or have timely and effective solutions.

Real Estate - HoREA proposes AI application, Chat GPT to support the construction of land price list — HoREA proposed to add the application of land price list to calculate compensation (Photo: Huu Thang).

In addition, it is necessary to synchronously amend legal regulations, first of all the Tax Law, along with people voluntarily declaring the correct price for buying, selling, and transferring real estate.

Specifically, amending the Tax Law to ensure a reliable input database on real estate prices, including land prices, coupled with people voluntarily declaring the correct purchase and sale prices, real estate and land transfers, then the State will be able to build a land price map for each plot of land according to the value zone.

The Association also proposed to supplement the application of land price list to calculate compensation, support, and resettlement when the State reclaims land or to calculate land use fees, land rent paid once for the entire rental cycle when the State allocates land, leases land to organizations and individuals to implement real estate and commercial housing investment projects.

In case the land price list is determined by the average of actual transaction prices of land with the same purpose of use transferred on the market through statistics in an area and within a certain period of time according to the value area, standard land plot and according to the land price adjustment coefficient prescribed by the provincial level.

The Chairman of HoREA said that the current level and capacity of the provincial and district government apparatus and the huge requirements and workload to develop a periodic land price list every five years according to the above regulations clearly show that it is currently impossible to develop a periodic land price list every year.

Although the Ministry of Natural Resources and Environment has created land price maps for millions of land plots, the input database is still not accurate and has not been updated in real time .

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