Official Announcement on the 15th... Same Ratio Applied to Commercial Areas as Well
[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province has decided to maintain the current mandatory rental housing construction ratio for redevelopment projects without any increase and to apply the same ratio to commercial areas, which were previously excluded.
The city announced the "Bucheon City Redevelopment Project Rental Housing Construction Ratio" on the 15th with these details.
Following the revision of the "Enforcement Decree of the Act on Maintenance and Improvement of Urban Areas and Dwelling Conditions" and the Ministry of Land, Infrastructure and Transport's notice on "Rental Housing and Construction Ratios by Housing Size in Maintenance Projects," Bucheon City reviewed increasing the rental housing construction ratio for redevelopment projects but decided to maintain the current level.
According to the revisions, the upper limit for rental housing construction was raised from 15% to 20%, and the additional rental housing construction limit was increased from 5% to 10%, expanding the maximum mandatory rental housing construction ratio set by local governments to 30%.
The Ministry of Land, Infrastructure and Transport also raised the rental housing construction ratio range for Incheon City and Gyeonggi Province from 5~15% to 5~20%, and included commercial areas, which were previously excluded, within a range of 2.5% to 20%.
However, Bucheon City will maintain the current rental housing construction ratio for redevelopment projects but apply the same ratio (8%) to commercial areas as well. This is because redevelopment projects in commercial areas within the region (formerly urban environment maintenance projects) primarily aim to improve residential environments through housing supply rather than urban environment improvement.
Meanwhile, this mandatory rental housing construction ratio will apply to redevelopment projects that submit their project implementation plan approval applications after the announcement date.
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