Bucheon City in Gyeonggi announced on the 8th that it has designated the 1st phase new town pilot planned district (excluding residential areas) as a land transaction permission zone.
This measure aims to prevent real estate speculation such as the so-called 'splitting of commercial properties,' where multiple parties divide shares of commercial buildings to obtain apartment move-in rights, following the promotion of the 1st phase new town pilot planned district contest.
The designation period for the land transaction permission zone is from the 10th of this month until December 31 of this year. The target area includes 166 parcels (an area of 2.21㎢) in parts of Jung-dong and Sang-dong, Wonmi-gu, Bucheon.
Only non-residential facilities among building uses in the 1st phase new town pilot district contest planned district are subject to land transaction permission. Accordingly, to purchase land exceeding a certain area by use, prior approval from the mayor of the city, county, or district office must be obtained.
If a contract is made for land designated as a land transaction permission zone without approval or if approval is obtained through fraudulent means, a penalty of imprisonment for up to 2 years or a fine of up to 30% of the land price at the time of contract will be imposed. Additionally, if approval is granted, the land must be used for the intended purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.
A Bucheon City official stated, "This measure will block speculative demand and allow acquisition only to actual demanders," adding, "We will establish a sound real estate transaction order through the designation of the land transaction permission zone."
Detailed information about the land transaction permission zone can be found on the Bucheon City website.
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