Gyeonggi Province Designates Sangjeok-dong in Seongnam City as Land Transaction Permitted Zone
Suwon NewsPublished 2020.03.06 06:34
Gyeonggi Province Urban Planning Committee approves on May 5...Natural green forest area (5.58㎢)Designated from May 11 through March 10, 2022...aimed at blocking speculative land trading by speculator organizations
[Suwon Ilbo=Park No-hoon Reporter] Gyeonggi Province announced on the 6th that it will designate a natural green forest area of 5.58㎢ in Sangjeok-dong, Sujeong-gu, Seongnam City—where recent signs of speculative real estate activity have emerged—as a land transaction permitted zone effective May 11.
'Sangjeok-dong, Sujeong-gu, Seongnam City' is located close to Seocho-gu, Seoul, and is an area where development projects such as the Pangyo Tech Valley Phase 2 and Phase 3 projects and the Seongnam High-Grade District are underway. This is a region where speculator organizations are constantly seeking opportunities for speculative transactions in forest land.
On May 5, the province held an Urban Planning Committee meeting and deliberated and approved a plan to designate the area as a land transaction permitted zone for two years from May 11 through March 10, 2022.
Once designated as a land transaction permitted zone, those who use land above a certain area without approval or use it for purposes other than intended will face imprisonment for up to two years or a fine equivalent to 30% of the land price based on the individual public notification value at the time of contract conclusion.
Following the designation of the permitted zone, the province will publish it in the Gyeonggi Province Gazette and notify Seongnam City, the competent registry office, and related agencies (Ministry of Land, Infrastructure and Transport).
Kim Jun-tae, Director of Urban Housing, stated, "We determined it necessary to preemptively block speculative real estate land trading and therefore designated it as a land transaction permitted zone. We plan to continue monitoring transaction trends in surrounding areas and, if necessary, take measures to prevent real estate speculation, including expanding the land transaction permitted zone."
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