Public Procurement Service: "No Owner Land in Korean War Recovered Areas to Return to State"
Work is underway to transfer ownerless land in areas recovered during the Korean War to state ownership.
On the 24th, the Public Procurement Service announced that it will conduct a public notice for six months until May next year to nationalize 227 parcels of ownerless real estate (unrecovered ownership land) in Cheorwon-gun, Gangwon-do, totaling 583,025㎡.
The notice will be published in the official gazette and on the Public Procurement Service website. The target areas are those north of the 38th parallel north, recovered during the Korean War, where cadastral records were lost or damaged during the war, and ownership details have not been restored.
If rightful owners do not report their rights during the notice period, procedures such as cadastral record organization and preservation registration of ownership will be carried out, and the state will acquire ownership of the relevant land.
Previously, in February 2020, the government amended the “Special Measures Act on the Restoration Registration and Preservation Registration of Ownerless Land in Recovered Areas,” allowing the nationalization of land in these areas and enabling its sale or lease to local residents for utilization.
Since the amendment, the Public Procurement Service has proceeded with the nationalization of unrecovered land in recovered areas, and as of the end of last month, a total of 3,419 parcels (9.6㎢, approximately 44.5 billion KRW based on official land prices) have been nationalized.
Hot Picks Today
"It Has Now Crossed Borders": No Vaccine or Treatment as Bundibugyo Ebola Variant Spreads [Reading Science]
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
- "Am I Really in the Top 30%?" and "Worried About My Girlfriend in the Bottom 70%"... Buzz Over High Oil Price Relief Fund
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
The Public Procurement Service plans to promptly proceed with the nationalization of the remaining 427 parcels, including those announced in the public notice.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.