Seocho-gu to Conduct Land Transaction Permit Usage Survey Starting July

From July 1st this year, a post-use survey of land transaction permit zones... The district will inspect whether the land is used according to the permit, verify actual residence of registered residents, and investigate non-use, neglect, fallow, or consignment of agricultural land, as well as self-management of forestry land.

[Asia Economy Reporter Jongil Park] Seocho-gu (District Mayor Eunhee Cho) will begin a post-use survey of land transaction permit zones starting July 1.

A "land transaction permit zone" is a designated area where speculative land transactions are rampant or anticipated, or where land prices have sharply increased or are expected to rise. In such zones, land transactions above a certain scale require approval from the city, county, or district mayor.

The district plans to conduct a full on-site survey to verify whether the land is being used according to the permitted transaction details. The survey will also investigate whether registered residents actually reside there, and check for non-use, neglect, fallow, or consignment of agricultural land, as well as whether forestry land is self-managed. The survey targets a total of 105 land transactions approved between January 1, 2018, and April 30, 2021 (65 agricultural lands, 9 forest lands, 3 business-use lands, and 28 others).

After the on-site survey, the district will issue compliance orders to parcels not used according to the permitted purpose, requiring proper use. If the land transaction permit conditions are not met, a penalty fee will be imposed. The penalty fee will be charged annually during the mandatory use period at up to 10% of the land acquisition amount (10% for non-use or neglect, 7% for leasing to others, 5% for unauthorized change of use).

District Mayor Eunhee Cho stated, "Through the post-use survey of land transaction permits, we will take the lead in preventing speculation and establishing a sound land transaction culture centered on actual users by strictly punishing violations."

This content was produced with the assistance of AI translation services.