Gyeonggi Yongin Platform City 'Daeto Compensation' Applications Accepted from the 28th

The area of Bojeong, Mabuk, and Singal-dong in Giheung-gu, Yongin City, where the Yongin Platform City for sports is being developed

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province has started the land-for-land compensation for the 'Gyeonggi Yongin Platform City' project.

Yongin City announced on the 16th that it will begin accepting applications for land-for-land compensation from the 28th of this month, select contract candidates next month, and sign land-for-land compensation contracts.

Land-for-land compensation is a system under the Land Compensation Act that supplies developed land instead of cash to landowners. It aims to facilitate the resettlement of original residents and share development profits with landowners.

The joint project implementers of Gyeonggi Yongin Platform City?Gyeonggi Province, Yongin City, Gyeonggi Housing and Urban Corporation (GH), and Yongin Urban Corporation?earlier in May established a demand-driven land-for-land compensation plan based on a survey of landowners. The plan includes supplying residential-commercial complex land near stations for residents' resettlement, advanced knowledge industry land for companies' re-entry, commercial land for store owners, and quasi-residential land.

Eligibility to apply for land-for-land compensation requires landowners to possess land exceeding the minimum subdivision restriction area (200㎡ in green zones) according to the Building Act and city building ordinances. Applications can be made within the range of land compensation money eligible for cash compensation.

If competition arises from the application process, contract candidates for land-for-land compensation will be selected in the order of priority, compensation bond ratio, and lottery.

Landowners selected as contract candidates will sign the land-for-land compensation contract next month and will receive land ownership transfer after signing the land supply contract at the time of developed land supply.

The rights to land-for-land compensation cannot be resold until ownership transfer registration is completed, except in cases of inheritance or in-kind contributions to real estate investment companies.

Detailed information can be found on the Gyeonggi Housing and Urban Corporation website under Information Disclosure (Compensation Information -> Compensation Announcement).

A city official stated, "We hope that many original residents will resettle stably through this land-for-land compensation," and added, "We ask for active cooperation to ensure smooth compensation."

Gyeonggi Yongin Platform City is a project by Gyeonggi Province, Yongin City, Gyeonggi Housing and Urban Corporation, and Yongin Urban Corporation to build an economic downtown-type complex self-sufficient city on approximately 2,757,186㎡ (830,000 pyeong) in Bojeong-dong, Mabuk-dong, and Singal-dong, Giheung-gu. Construction is scheduled to start at the end of next year and be completed by 2029.

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