Disclosure rate at the end of business
Also applied to the housing price at the time of commencement
Apgujeong-dong reduced by more than 600 million won
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From the 19th, the method of calculating the reconstruction charge will change. This is to prevent excessive reconstruction charges from being imposed as the market price reflection rate of the published price increases. Accordingly, it is expected that the reconstruction charge in some areas, such as Seoul, Gangnam, will decrease by more than hundreds of millions of won.
The Ministry of Land, Infrastructure and Transport announced that the’Amendment to the Enforcement Decree of the Act on the Recovery of Excess Reconstruction Profits’ was passed at the State Council meeting held on the 16th. This revised enforcement decree is a follow-up measure to the’Restructuring Charge Regulation Improvement Measure’ included in the’Management Plan for Stabilization of the Housing Market’ announced in June of last year.
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The main idea is to apply the realization rate at the end of the project to the start time in order to prevent the problem that the reconstruction charge is calculated high according to the published price realization policy. The reconstruction excess profit return system (re-return) imposes a levy on the amount of the increase in housing price from the date of approval of the association establishment promotion committee (starting point) to the date of completion (end point), minus the increase in normal housing price and development costs. Therefore, with this measure, the price at the time of commencement will increase and the price gap is likely to decrease.
According to this revised enforcement decree, the housing price at the start of reconstruction is calculated by multiplying the market price at the time of approval by the Promotion Committee by the rate of reflection of the published price at the time of completion (the date of completion of approval). For example, if the quoted price at the time of establishment of the Promotion Committee was 60% and the rate at the end was 90%, the price of the house at the start of reconstruction is determined by multiplying the actual transaction price at the time by 90%.
In the real estate industry, when the revised enforcement decree is reflected, the reconstruction complex in Apgujeong-dong, Gangnam-gu, Seoul, is estimated to be reduced by up to 600 million won per household from the initially expected burden. It is analyzed that there is a possibility that other reconstruction complexes in the Gangnam region may decrease by 100 to 200 million won per household. In addition, the Ministry of Land, Infrastructure and Transport has revised the enforcement decree so that the Korea Real Estate Agency (formerly the Korea Appraisal Board) can verify the reconstruction charge.
/ Reporter Jin Dong-young [email protected]
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