Complete Process Available from Verification Submission to Completion in the System
On the 22nd, the Korea Real Estate Board announced that it has established an electronic application system for verifying construction costs in redevelopment and reconstruction projects.
The verification of construction costs in maintenance projects is a system under the "Act on Maintenance and Improvement of Urban Areas and Dwelling Environment," where the project implementer requests a verification agency to assess the appropriateness of the increase in construction costs during the maintenance project.
The project implementer can carry out all processes from application to receipt and completion through the electronic application system. The real-time progress can also be checked via text messages and emails.
Additionally, this system allows users to calculate the rate of construction cost increase to determine whether verification is required. It also enables calculation of verification fees and provides access to related regulations, materials, and standard forms.
Kim Namseong, Head of the Industry Support Division at the Korea Real Estate Board, stated, "With the establishment of the electronic application system for construction cost verification, the satisfaction of project implementers will increase, and the transparency and reliability of verification will be enhanced."
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