Sejong City, Jochiwon, and Other Areas Land Transaction Permit Usage Survey

Sejong City announced on the 13th that it will investigate the actual usage of land transactions permitted in areas such as Jochiwon-eup, Yeongi-myeon, Geumnam-myeon, and Yeonseo-myeon until the 31st of this month.

The investigation targets 118 parcels of land where transactions were conducted with permission in the four locations including Jochiwon-eup.

Sejong City plans to focus on checking for violations such as using land acquired through permitted land transactions for purposes other than the intended use or not utilizing the acquired land at all during the investigation.

In addition, if the land is not used according to the permitted purpose, a compliance order will be issued, and those who fail to comply within the compliance period will be subject to a compulsory compliance fine of up to 10% of the land acquisition price.

Land transaction permission zones are designated to block speculative land transactions and prevent rapid increases in land prices.

In these zones, permission from the head of the local government is required to trade land above a certain area.

Land acquired with permission must be used according to the permitted purpose for a mandatory period. The mandatory periods by land use are 2 years for residential, agricultural, forestry, and livestock purposes, and 4 years for development projects.

Those who enter into land transaction contracts without obtaining land transaction permission or change permission, or who obtain permission through fraudulent methods such as deception, may be subject to imprisonment of up to 2 years or fines according to relevant laws.

Joo Su-chang, Director of the Citizen Safety Office of Sejong City, said, “We will strive to induce fair trade and stabilize the real estate market through the lawful operation of the land transaction permission system and thorough investigation of land use.”

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