Designation of 'Land Transaction Permission Zone' in Uiwang Ojeon-dong Area

[Asia Economy (Uiwang) = Reporter Lee Young-gyu] Gyeonggi Province will designate 0.295㎢ of the area around Ojeon-dong, Uiwang-si, where the Uiwang Omaegi Public Housing District development project is planned, as a land transaction permission zone from the 19th of this month until September 18, 2024.

Gyeonggi Province announced on the 14th that it held the Gyeonggi Province Urban Planning Committee on the 10th and deliberated and approved the designation plan for the land transaction permission zone containing this content.

The province explained that it designated the area as a land transaction permission zone at the request of Uiwang-si to facilitate smooth project progress and prevent land speculation.

To trade land in a land transaction permission zone, permission must be obtained from the head of the relevant local government. If a contract is made without permission or permission is obtained by fraudulent means, imprisonment for up to 2 years or a fine of up to 20 million won will be imposed.

A provincial official stated, "We plan to strengthen the land area within the green zone that requires permission to the lowest level of 10% (10㎡), which is the minimum standard area (over 100㎡) under the Enforcement Decree of the Real Estate Transaction Reporting Act, to maximize the purpose of the land transaction permission zone system, which is 'speculation suppression.' We will continue to suppress speculative transactions driven by development expectations in the future," he explained.

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