Gyeonggi Province Designates Uiwang-Omegi Public Housing District Area in Ojeon-dong, Uiwang City as Land Transaction Permit Zone

[Suwon Ilbo = Park No-hun Reporter] Gyeonggi Province has designated 0.295㎢ in the Ojeon-dong area of Uiwang City, where the Uiwang-Omegi public housing district development project is scheduled, as a land transaction permit zone from September 19 to September 18, 2024.

Gyeonggi Province held the Gyeonggi Province Urban Planning Committee on September 10 and approved the designation plan for the land transaction permit zone on the 14th.

The province explained that at the request of Uiwang City, it designated the area as a land transaction permit zone to ensure smooth project implementation and prevent land speculation.

To conduct land transactions in a land transaction permit zone, one must obtain permission from the relevant municipal government. Contracts made without permission or obtained through fraudulent means are subject to imprisonment of up to two years or fines of up to 20 million won.

A Gyeonggi Province official stated, “We plan to strengthen the criteria for land area in green zones requiring permission to the minimum standard of 10% (10㎡) based on the standard area (exceeding 100㎡) under the enforcement ordinance of the real estate transaction reporting law, thereby maximizing the purpose of the land transaction permit zone system to 'suppress speculation,' and will continue to curb speculative transactions driven by future development expectations,” the official said.