The commercial area of the 1st phase new town in Bucheon-si, Gyeonggi Province, has been excluded from the land transaction permission zone.
The city announced that the 1st phase new town pilot project area (area 2.21㎢, 166 parcels), which was designated as a land transaction permission zone by the Minister of Land, Infrastructure and Transport in July last year, was lifted on January 1 of this year.
The lifted area includes parts of Jung-dong and Sang-dong in Wonmi-gu. As a result, only the Daejang Andongne urban development project district remains as a land transaction permission zone in Bucheon-si. With this lifting measure, the land transaction contract permission procedure and the land use obligation of up to five years for the 1st phase new town pilot project area in Bucheon-si will be eliminated.
A Bucheon-si official stated, "To flexibly respond to speculative land transactions and rapid land price increases caused by the lifting of the land transaction permission zone, we plan to continuously monitor real estate price fluctuations and transaction information."
Detailed information about the land transaction permission zones can be found on the Bucheon-si website or the Land e-um site.
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