Chungnam Designates Naepo New City, Planned Innovation City, as a 'Land Transaction Permission Zone'

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province has designated Naepo New City, a planned development district for an innovation city, as a land transaction permission zone.

The province announced on the 3rd that it had recently gone through the review of the provincial Urban Planning Committee and made this announcement on the 30th of last month.

The land transaction permission zone has been designated in the areas of Singyeong-ri, Hongbuk-eup, Hongseong-gun, and Mok-ri, Sapgyo-eup, Yesan-gun (9,951,000㎡), and the designation takes effect from the 4th.

Accordingly, from the effective date, when selling land exceeding the standard area within Naepo New City, permission must be obtained from the mayors of Hongseong and Yesan counties.

Also, even if land transaction permission is granted, the sold land must be used for the originally permitted purpose for a certain period.

If a contract is made without permission or permission is obtained through fraudulent means, the offender may face imprisonment for up to two years or a fine.

For more detailed information on the land subject to the land transaction permission zone, its scope, and permission status, inquiries can be made at the Civil Complaints and Cadastral Division of Hongseong County and the Civil Service Division of Yesan County.

Seo Un-seok, head of the Provincial Land Management Division, said, “The province will support the successful construction of the innovation city by designating the land transaction permission zone. However, apartments and most commercial buildings (those below the area threshold) will not be included in the land transaction permission zone.”