Daejeon City Secures Ownership of 150,000㎡ Municipal Land... Property Value Estimated at 40 Billion Won

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City has secured ownership of 150,000㎡ of city-owned land through registration in the registry. The property value of the land with secured ownership reaches 40 billion KRW.

According to the city on the 12th, the land was left unattended for 60 years without registration because after the land readjustment project was completed in the 1960s to 1970s, infrastructure such as roads was not officially designated as owned by ‘Daejeon City’. Due to the lack of registry registration, legitimate exercise of rights was impossible.

This fact was confirmed during the process of conducting a service project after the city was selected for the Korean Local Finance Association’s field survey support public project in 2020 and 2021.

Based on this, the city directly investigated the site to secure ownership, reviewed supporting documents such as the study of the ‘Land Readjustment Project Act’ at the time of completion, project completion announcements, and land registers, and with the cooperation of the Daejeon District Court, completed the first-ever ownership preservation registration by creating a registry.

Separately, the city is currently negotiating with Chungnam Province to recover 11 parcels of land (4,836㎡, property value approximately 2 billion KRW), including roads, which were not succeeded from Chungnam Province when Daejeon Directly Governed City was established due to administrative district reorganization (January 1, 1989).

Jung Hae-gyo, Director of the City’s Urban Housing Bureau, said, “Although there were many difficulties in securing legitimate ownership, thanks to the active efforts of officials with expertise, we were able to complete ownership preservation registration after more than 60 years. This year, the city was again selected for the shared property field survey support public project and will receive 50 million KRW in support, so we will actively improve the shared property management system, enhance value, and strategically utilize it.”

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