Re-designation of Land Transaction Permission Zone in Hyeoncheon-dong Area, Deogyang-gu, Goyang-si

Location map of Hyeoncheon-dong area, Deogyang-gu, Goyang-si, which has been redesignated as a land transaction permission zone

The area of Hyeoncheon-dong, Deogyang-gu, Goyang City has been re-designated as a land transaction permission zone.

Gyeonggi Province announced on the 1st that it has re-designated 0.3㎢ of Hyeoncheon-dong, Deogyang-gu, Goyang City, the planned site for the 'Goyang Hyeoncheon Corporate Relocation Site' development project, as a land transaction permission zone for one year until September 6, 2024.

Earlier, on the 25th of last month, Gyeonggi Province held a review by the Gyeonggi Provincial Urban Planning Committee and made this decision.

The area is undergoing a corporate relocation site development project related to Changneung New Town. Accordingly, due to high concerns about speculative demand inflow, it was designated as a land transaction permission zone from September 2021 until September 6 of this year.

Gyeonggi Province explained that since land compensation in these areas has not been completed and the project is still in its early stages, the reasons for designating it as a land transaction permission zone have not disappeared. Reflecting opinions from related provincial departments and the mayor of Goyang City, it was decided to extend the designation as a land transaction permission zone for one year.

To trade land in the designated area, a sales contract must be concluded after obtaining permission from the mayor of Goyang City. If a contract is made without permission or permission is obtained through fraudulent means, imprisonment for up to two years or a fine of up to 20 million KRW may be imposed. If permission is granted, the land must be used for the permitted purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.

A Gyeonggi Province official stated, "We re-designated the area due to concerns about speculative transactions and expectations of land price increases resulting from project promotion," adding, "We will respond carefully according to market conditions to stabilize the real estate market."

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