Angry at Speculation, Oh Se-hoon Says "Qualifications for Redevelopment and Reconstruction Association Members Must Be Further Strengthened"

Proposal to Advance Reconstruction Association Member Eligibility to 'After Safety Inspection Judgment'
Redevelopment Eligibility to Be After Association Establishment Approval... "Government Department Cooperation Needed"

Seoul Mayor Oh Se-hoon is attending the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 25th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Onyu Lim] Seoul Mayor Oh Se-hoon has proposed to the government to significantly strengthen the restrictions on membership qualifications in redevelopment and reconstruction associations to prevent speculation. He also requested the transfer of authority to verify real estate transaction reports to the Seoul Metropolitan Government.

Mayor Oh attended the Cabinet meeting held at the Seoul Government Complex on the 25th and stated, "Although Seoul is implementing strong measures to curb real estate speculation, there are still many matters that require cooperation from government ministries," making the proposal.

First, Mayor Oh proposed strengthening the restrictions on membership qualifications to prevent speculation in redevelopment and reconstruction projects. He emphasized the need for strong measures to block the infiltration of speculative forces who joined before the membership qualification restriction date or the acquisition of housing sale rights through share splitting.

Mayor Oh explained, "By amending the provisions related to the Urban Residential Environment Improvement Act, it is possible to consider advancing the membership qualification restriction date for redevelopment and reconstruction areas in speculative overheated districts from the current 'after association establishment approval' to 'after safety diagnosis judgment' for reconstruction projects, and also discuss advancing the date from the current 'after management disposition plan approval' to 'after association establishment approval' for redevelopment projects in speculative overheated districts."

Along with this, he proposed a comprehensive review regarding the reference date for calculating the right to purchase houses and other buildings. He argued that the current law allows four types of share splitting?lot subdivision, conversion from single-family or multi-family to multi-unit housing, separate acquisition of land and buildings, and new construction on vacant land?and that these should be strictly limited and only permitted when absolutely necessary.

Furthermore, Mayor Oh stated, "Under the current law, metropolitan local governments still do not have access or utilization rights to the real estate transaction management system, so they cannot strengthen the verification system," and requested the transfer of the access and utilization duties of the real estate transaction management system currently held by the Ministry of Land, Infrastructure and Transport.

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